<SEC-DOCUMENT>0001140361-19-006661.txt : 20190408
<SEC-HEADER>0001140361-19-006661.hdr.sgml : 20190408
<ACCEPTANCE-DATETIME>20190408090101
ACCESSION NUMBER:		0001140361-19-006661
CONFORMED SUBMISSION TYPE:	10-Q
PUBLIC DOCUMENT COUNT:		60
CONFORMED PERIOD OF REPORT:	20190228
FILED AS OF DATE:		20190408
DATE AS OF CHANGE:		20190408

FILER:

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

	FILING VALUES:
		FORM TYPE:		10-Q
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-08814
		FILM NUMBER:		19736517

	BUSINESS ADDRESS:	
		STREET 1:		34501 E. QUINCY AVE
		STREET 2:		BLDG. 34
		CITY:			WATKINS
		STATE:			CO
		ZIP:			80137
		BUSINESS PHONE:		3032923456

	MAIL ADDRESS:	
		STREET 1:		34501 E. QUINCY AVE
		STREET 2:		BLDG. 34
		CITY:			WATKINS
		STATE:			CO
		ZIP:			80137
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>1
<FILENAME>form10q.htm
<DESCRIPTION>10-Q
<TEXT>
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      <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 14pt; font-weight: bold;">UNITED STATES</div>
      <div style="text-align: center; font-size: 14pt;"><font style="font-family: &quot;Times New Roman&quot;; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</font></div>
      <div style="text-align: center; font-size: 12pt;"><font style="font-family: &quot;Times New Roman&quot;;">Washington, D.C. 20549</font></div>
      <div><br>
      </div>
      <div style="text-align: center; font-size: 18pt;"><font style="font-family: &quot;Times New Roman&quot;; font-weight: bold;">Form 10-Q</font></div>
      <div><br>
      </div>
      <div style="text-align: left;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z19cf25ada23c45fbb7e45f0685ff3735" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

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                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</font></div>
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      <div style="text-align: center; background-color: rgb(255, 255, 255);"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">For the quarterly period ended <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;
            font-weight: bold;">February 28, 2019</font></font></div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">or</font></div>
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                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</font></div>
                </td>
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      <div><br>
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      <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">For the transition period from __________ to __________</font></div>
      <div><br>
      </div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><u>Commission file number </u></font><font style="font-size: 10pt;
            font-family: &quot;Times New Roman&quot;; font-weight: bold;"><u>0-8814</u></font></font></div>
      <div style="text-align: center;"><img src="image00001.jpg"></div>
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            <td style="width: 100%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-size: 24pt;">
              <div style="text-align: center;"><font style="font-family: &quot;Times New Roman&quot;; font-weight: bold;">PURE CYCLE CORPORATION</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 100%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">(Exact name of registrant as specified in its charter)</font></div>
            </td>
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      <div><br>
      </div>
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            <td style="width: 49%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">Colorado</font></div>
            </td>
            <td style="width: 2.32%; vertical-align: top;">&#160;</td>
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              <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">84-0705083</font></div>
            </td>
          </tr>
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            <td style="width: 49%; vertical-align: top;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">(State or other jurisdiction of incorporation or organization)</font></div>
            </td>
            <td style="width: 2.32%; vertical-align: top;">&#160;</td>
            <td style="width: 48.68%; vertical-align: top;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">(I.R.S. Employer Identification Number)</font></div>
            </td>
          </tr>

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      <div><br>
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            <td style="width: 49%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">34501 E. Quincy Avenue, Bldg. 34, Watkins, CO</font></div>
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            <td style="width: 48.68%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">80137</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 49%; vertical-align: top;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">(Address of principal executive offices)</font></div>
            </td>
            <td style="width: 2.32%; vertical-align: top;">&#160;</td>
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              <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">(Zip Code)</font></div>
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            <td style="width: 100%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">(303) 292 &#8211; 3456</font></div>
            </td>
          </tr>
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              <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">(Registrant&#8217;s telephone number, including area code)</font></div>
            </td>
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            <td style="width: 100%; vertical-align: top;">&#160;</td>
          </tr>
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            <td style="width: 100%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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              <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">(Former name, former address and former fiscal year, if changed since last report)</font></div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">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. Yes &#9746; No &#9744;</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of
          Regulation S-T (&#167;232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes &#9746;No &#9744;</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company,
          or an emerging growth company. See the definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer,&#8221; &#8220;smaller reporting company,&#8221; and &#8220;emerging growth company&#8221; in Rule 12b-2 of the Exchange Act.</font></div>
      <div><br>
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              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Large accelerated filer <font style="font-size: 10pt; font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font></font></div>
            </td>
            <td style="width: 40%; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Accelerated filer &#9746;</font></div>
            </td>
          </tr>
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            <td style="width: 60%; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Non-accelerated filer &#9744;</font></div>
            </td>
            <td style="width: 40%; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Smaller reporting company &#9746;</font></div>
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          </tr>
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            <td style="width: 60%; vertical-align: top;">&#160;</td>
            <td style="width: 40%; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Emerging growth company &#9744;</font></div>
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      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">If an emerging growth company, indicate by check mark if the registrant has elected to use the extended transition period for complying with any new or
          revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act &#9744;</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes &#9744; No &#9746;</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Indicate the number of shares outstanding of each of the issuer&#8217;s classes of common stock, as of <font style="font-size: 10pt; font-family: &quot;Times
            New Roman&quot;;">April 5, 2019</font>:</font></div>
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              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Common stock, 1/3 of $.01 par value</font></div>
            </td>
            <td style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 49%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">23,801,598</font></font></div>
            </td>
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            <td style="width: 49%; vertical-align: top;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(Class)</font></div>
            </td>
            <td style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 49%; vertical-align: top;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(Number of Shares)</font></div>
            </td>
          </tr>

      </table>
      <div> <br>
      </div>
      <div>
        <hr align="center" style="border: none; border-bottom: 4px solid black; border-top: 1px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;"></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
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      <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">PURE CYCLE CORPORATION</font></div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;"><a name="INDEX"><!--Anchor--></a>INDEX TO <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">FEBRUARY
            28, 2019</font> FORM 10-Q</font></div>
      <div><br>
      </div>
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            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 90%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Page</font></div>
            </td>
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            <td style="width: 5%; vertical-align: top;">&#160;</td>
            <td style="width: 90%; vertical-align: top;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">&#160;</td>
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            <td style="width: 95%; vertical-align: top; background-color: rgb(204, 238, 255);" colspan="2">
              <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><a href="#PARTIFINANCIALINFORMATION">PART I. FINANCIAL INFORMATION</a></div>
            </td>
            <td style="width: 5%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">1</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 90%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 5%; vertical-align: top; background-color: rgb(255, 255, 255); text-align: center;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: left;"><a href="#Item1."><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Item 1. Consolidated Financial Statements</font></a></div>
            </td>
            <td style="width: 5%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">1</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 90%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 5%; vertical-align: top; background-color: rgb(255, 255, 255); text-align: center;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: left;"><a href="#CONSOLIDATEDBALANCESHEETS"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Consolidated Balance Sheets:<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">
                      February 28, 2019</font> (unaudited) and <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">August 31, 2018</font></font></a></div>
            </td>
            <td style="width: 5%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">1</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 90%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 5%; vertical-align: top; background-color: rgb(255, 255, 255); text-align: center;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: left;"><a href="#STATEMENTSOFOPERATIONS"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Consolidated Statements of Operations and Comprehensive Income (Loss): </font></a></div>
              <div style="text-align: left;"><a href="#STATEMENTSOFOPERATIONS"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">For the <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">three and six months</font>
                    ended <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">February 28, 2019</font> and <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">2018</font> (unaudited)</font></a></div>
            </td>
            <td style="width: 5%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">2</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 90%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 5%; vertical-align: top; background-color: rgb(255, 255, 255); text-align: center;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: left;"><a href="#SHAREHOLDERSEQUITY"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Consolidated Statements of Shareholders&#8217; Equity: </font></a></div>
              <div style="text-align: left;"><a href="#SHAREHOLDERSEQUITY"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">For the three and <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">six</font>
                    months ended <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">February 28, 2019</font> and 2018 (unaudited)</font></a></div>
            </td>
            <td style="width: 5%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">3</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 90%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 5%; vertical-align: top; background-color: rgb(255, 255, 255); text-align: center;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: left;"><a href="#CASHFLOWS"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Consolidated Statements of Cash Flows: </font></a></div>
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              <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">5</font></div>
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            <td style="width: 90%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 5%; vertical-align: top; background-color: rgb(255, 255, 255); text-align: center;">&#160;</td>
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            <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
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            <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">6</font></div>
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          <tr>
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            <td style="width: 90%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 5%; vertical-align: top; background-color: rgb(255, 255, 255); text-align: center;">&#160;</td>
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            <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
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            <td style="width: 5%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;">21</td>
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            <td style="width: 90%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 5%; vertical-align: top; background-color: rgb(255, 255, 255); text-align: center;">&#160;</td>
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            <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
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            <td style="width: 5%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;">34</td>
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            <td style="width: 90%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 5%; vertical-align: top; background-color: rgb(255, 255, 255); text-align: center;">&#160;</td>
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            <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
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            <td style="width: 5%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;">34</td>
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            <td style="width: 90%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 5%; vertical-align: top; background-color: rgb(255, 255, 255); text-align: center;">&#160;</td>
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            <td style="width: 5%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center; font-weight: bold;">35</td>
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            <td style="width: 90%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 5%; vertical-align: top; background-color: rgb(255, 255, 255); text-align: center;">&#160;</td>
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            <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
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            <td style="width: 5%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;">35</td>
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            <td style="width: 5%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 90%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 5%; vertical-align: top; background-color: rgb(255, 255, 255); text-align: center;">&#160;</td>
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            <td style="width: 5%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-weight: bold; text-align: center;">36</td>
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      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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        <div style="width: 100%;" id="DSPFPageHeader"><a href="#INDEX"><font style="font-size: 8pt; font-style: italic;">Index</font></a><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;"><a href="#INDEX"><font style="font-size: 8pt;
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      <!--PROfilePageNumberReset%Num%1%%%--></div>
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      <div style="text-align: center; font-weight: bold;"><a name="PARTIFINANCIALINFORMATION"><!--Anchor--></a><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"></font><font style="font-size: 10pt; font-family: &quot;Times New
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                  <div><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Consolidated Financial Statements</font></div>
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      <div><br>
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      <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">PURE CYCLE CORPORATION</font></div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;"><a name="CONSOLIDATEDBALANCESHEETS"><!--Anchor--></a>CONSOLIDATED BALANCE SHEETS</font></div>
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              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: &amp;quot;">February 28, 2019</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
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              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: &amp;quot;">August 31, 2018</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">$</font></font></div>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">3,977,307</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">$</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">11,565,038</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 16.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Short-term investments</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">7,136,735</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 16.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Trade accounts receivable, net</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">229,932</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">1,067,268</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 16.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Prepaid expenses and other current assets</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">1,372,886</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 16.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Inventories</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">5,195,059</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 25.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Total current assets</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;">
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;">
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Long-term land investment</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255); padding-bottom: 2px;">
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 25.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Total assets</font></div>
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            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">$</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;">
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">$</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;">
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #FFFFFF;">
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            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">4,131,958</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">2,453,396</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;">
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">433</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">433</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;">
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">79,344</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">79,218</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Additional paid-in capital</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">172,107,735</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">171,831,293</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Accumulated other comprehensive income</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">12,687</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">)</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">)</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">70,213,975</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">69,453,219</font></font></div>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">$</font></font></div>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">74,345,933</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">$</font></font></div>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">71,906,615</font></font></div>
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      </div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">See accompanying Notes to Consolidated Financial Statements</font></div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">1</font></div>
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        <div style="width: 100%;" id="DSPFPageHeader"><a href="#INDEX"><font style="font-size: 8pt; font-style: italic;">Index</font></a><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;"><a href="#INDEX"><font style="font-size: 8pt;
                font-style: italic;"></font></a></font></div>
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      <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">PURE CYCLE CORPORATION</font></div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">CONSOLIDATED <a name="STATEMENTSOFOPERATIONS"><!--Anchor--></a>STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)</font></div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">(unaudited)</font></div>
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      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" id="z0654c5a015c64b9a9717d718cc729854">

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            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
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              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: &amp;quot;">2018</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
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              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: &amp;quot;">2019</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
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              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: &amp;quot;">2018</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 16.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Metered water usage</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">$</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">159,018</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">$</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">803,771</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">$</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">1,526,869</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">$</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">1,726,344</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 16.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Wastewater treatment fees</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">7,509</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">9,293</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">16,402</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">20,482</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 16.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Water tap fees recognized</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">467,076</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">&#8212;</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">721,902</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">49,948</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">&#8212;</font></font></div>
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            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">110,218</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">58,019</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <div style="text-align: left; text-indent: -7.2pt; margin-left: 25.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Total revenues</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">844,661</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">5,702,968</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">1,854,793</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <div style="text-align: left; text-indent: -7.2pt; margin-left: 16.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Water service operations</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">(229,620</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">)</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">(136,804</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">)</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">)</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">(488,619</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">)</font></font></div>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 16.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Wastewater service operations</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">(4,655</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">)</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">(8,684</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">)</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">)</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">)</font></font></div>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 16.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Lot fee construction costs</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">)</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">)</font></font></div>
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              <div style="text-align: left; text-indent: -7.2pt; margin-left: 16.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Depletion and depreciation</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">)</font></font></div>
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            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">(110,122</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">)</font></font></div>
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            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">)</font></font></div>
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            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">(230,720</font></font></div>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">)</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">)</font></font></div>
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            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">)</font></font></div>
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            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">)</font></font></div>
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            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">(774,589</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">)</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Gross profit</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">374,292</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">1,080,204</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <tr>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 25.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">General and administrative expenses</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">)</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">)</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">)</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">)</font></font></div>
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          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: #FFFFFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 25.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Depreciation</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">(90,392</font></font></div>
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            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
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            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">)</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">243,391</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">)</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <div style="text-align: left; text-indent: -7.2pt; margin-left: 16.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Oil and gas royalty income, net</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">44,416</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">49,778</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">75,841</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">91,540</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 16.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Interest income</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">52,512</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">192,823</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">106,974</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 16.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Other</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">(328</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">)</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">(1,748</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">)</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">(1,975</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">)</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">)</font></font></div>
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              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Income (loss) from operations before income taxes</font></div>
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            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">(96,025</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">)</font></font></div>
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            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">100,162</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">537,947</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">3,551</font></font></div>
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              <div style="text-align: left; text-indent: -7.2pt; margin-left: 16.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Net income (loss)</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">$</font></font></div>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">(96,025</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">)</font></font></div>
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            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">$</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">100,162</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">$</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">537,947</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">$</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">3,551</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: #FFFFFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 25.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Unrealized holding gains (losses)</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">(65,555</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">)</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">11,096</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">(53,759</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">)</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">30,718</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 4px; background-color: #CCEEFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 16.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Total comprehensive income (loss)</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">(161,580</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">)</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">111,258</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">$</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">484,188</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">$</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">34,269</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 4px; background-color: #CCEEFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 16.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Basic net income (loss) per common share</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">$</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">*</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">*</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">0.02</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">*</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 4px; background-color: #FFFFFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 16.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Diluted net income (loss) per common share</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">*</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">$</font></font></div>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">0.02</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">*</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Weighted average common shares outstanding&#8211;basic</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">23,760,765</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">23,786,181</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">23,757,431</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: top; width: 52%; padding-bottom: 4px; background-color: #CCEEFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Weighted average common shares outstanding&#8211;diluted</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">23,799,931</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">23,915,194</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">23,995,760</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &amp;quot;">23,893,272</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">* Amount is less than $0.01 per share</font></div>
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      <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">See accompanying Notes to Consolidated Financial Statements</font></div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">2</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
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        <div style="width: 100%;" id="DSPFPageHeader"><a href="#INDEX"><font style="font-size: 8pt; font-style: italic;">Index</font></a><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;"><a href="#INDEX"><font style="font-size: 8pt;
                font-style: italic;"></font></a></font></div>
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      <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">PURE CYCLE CORPORATION</font></div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">CONSOLIDATED STATEMENT OF <a name="SHAREHOLDERSEQUITY"><!--Anchor--></a>SHAREHOLDERS&#8217; EQUITY</font></div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">Three Months ended <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">February 28, 2019</font> and <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">2018</font></font></div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">(unaudited)</font></div>
      <div><br>
      </div>
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            <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
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              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Preferred Stock</font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
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              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Common Stock</font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
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              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Paid-in</font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
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              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Accumulated Other</font></font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Comprehensive</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
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              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Accumulated</font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Shares</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Amount</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Shares</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Amount</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; border-bottom: #000000 solid 2px;" colspan="2">
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Income</font> (Loss)</font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Deficit</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Total</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 20%; background-color: #CCEEFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">November 30, 2018</font> balance:</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">432,513</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">433</font></font></div>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">79,302</font></font></div>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">78,242</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(101,890,199</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">70,280,714</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">12,500</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">42</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">36,558</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;" colspan="1">
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 20%; background-color: #CCEEFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Share-based compensation</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">58,241</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">58,241</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 20%; background-color: #FFFFFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Net loss</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;" colspan="1">
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(96,025</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
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          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 20%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Unrealized holding gain on investments</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(65,555</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(65,555</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 20%; padding-bottom: 4px; background-color: #FFFFFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">February 28, 2019</font> balance:</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">432,513</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">433</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">23,801,598</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">79,344</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">172,107,735</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">12,687</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(101,986,224</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">70,213,975</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
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      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" id="z69d6b255c35a436a822891eea808d60a">

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            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="6">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Preferred Stock</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="6">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Common Stock</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
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              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Additional</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Paid-in</font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Accumulated Other</font></font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Comprehensive</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Accumulated</font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Shares</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Amount</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Shares</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Amount</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Capital</font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Income</font> (Loss)</font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Deficit</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Total</font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 20%; background-color: #CCEEFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">November 30, 2017</font> balance:</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">432,513</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">433</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">8,517</font></font></div>
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            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;" colspan="1">
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">33</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">74,967</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;" colspan="1">
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;" colspan="1">
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              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Net income</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">100,162</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">100,162</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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          <tr>
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              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Unrealized holding gain on investments</font></div>
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            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">11,096</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">11,096</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 20%; padding-bottom: 4px; background-color: #FFFFFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">February 28, 2018</font> balance:</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">432,513</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">433</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">23,764,098</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">79,218</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">171,664,031</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">19,613</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(102,935,300</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">68,827,995</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">See accompanying Notes to Consolidated Financial Statements</font></div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">3</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        <div style="width: 100%;" id="DSPFPageHeader"><a href="#INDEX"><font style="font-size: 8pt; font-style: italic;">Index</font></a><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;"><a href="#INDEX"><font style="font-size: 8pt;
                font-style: italic;"></font></a></font></div>
      </div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">PURE CYCLE CORPORATION</font></div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">CONSOLIDATED STATEMENT OF SHAREHOLDERS&#8217; EQUITY</font></div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Six Months Ended</font>&#160;<font style="font-size:
            10pt; font-family: &quot;Times New Roman&quot;;">February 28, 2019</font> and <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">2018</font></font></div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">(unaudited)</font></div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" id="z37c3c486660d492db0915f2bc7ce90da">

          <tr>
            <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="6">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Preferred Stock</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="6">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Common Stock</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Additional</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Paid-in</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Accumulated Other</font></font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Comprehensive</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Accumulated</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Shares</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Amount</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Shares</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Amount</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Capital</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Income</font> (Loss)</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Deficit</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Total</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 20%; background-color: #CCEEFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">August 31, 2018</font> balance:</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
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            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">537,947</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">537,947</font></font></div>
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              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Unrealized holding gain on investments</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(53,759</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(53,759</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
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          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 20%; padding-bottom: 4px; background-color: #FFFFFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">February 28, 2019</font> balance:</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">432,513</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">433</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">23,801,598</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">79,344</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">172,107,735</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">12,687</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(101,986,224</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">70,213,975</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>

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      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" id="z7f0153c21cd04ddb8120bd12612b4bb5">

          <tr>
            <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="6">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Preferred Stock</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="6">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Common Stock</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
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              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Additional</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Paid-in</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Accumulated Other</font></font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Comprehensive</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Accumulated</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Shares</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Amount</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Shares</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Amount</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Capital</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Income</font> (Loss)</font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Deficit</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Total</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 20%; background-color: #CCEEFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">August 31, 2017</font> balance:</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">432,513</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;" colspan="1">
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">33</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #FFFFFF;" colspan="1">
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            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;" colspan="1">
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;" colspan="1">
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; background-color: #CCEEFF;" colspan="1">
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            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">30,718</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">30,718</font></font></div>
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            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">433</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">23,764,098</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">79,218</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">171,664,031</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">19,613</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(102,935,300</font></font></div>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">68,827,995</font></font></div>
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          </tr>

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      </div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">See accompanying Notes to Consolidated Financial Statements</font></div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">4</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        <div style="width: 100%;" id="DSPFPageHeader"><a href="#INDEX"><font style="font-size: 8pt; font-style: italic;">Index</font></a><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;"><a href="#INDEX"><font style="font-size: 8pt;
                font-style: italic;"></font></a></font></div>
      </div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">PURE CYCLE CORPORATION</font></div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">CONSOLIDATED STATEMENTS OF <a name="CASHFLOWS"><!--Anchor--></a>CASH FLOWS</font></div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">(unaudited)</font></div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; width: 100%;" id="z78178dbb41084c8a83b641c39e8ec903">

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              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Six Months Ended February 28,</font></font></div>
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              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> 2019</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';">2018</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">3,551</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #FFFFFF;">
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 25.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Depreciation and depletion</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">344,719</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #FFFFFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 25.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Recovery of bad debt expense</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 25.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Equity loss in Well Enhancement Recovery Systems, LLC</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">5,203</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">5,204</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #FFFFFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 25.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Share-based compensation expense</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">161,717</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">157,578</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 25.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Interest income and other non-cash items</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(210</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">30,508</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #FFFFFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 25.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Interest added to receivable from related parties</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(19,885</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(15,057</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 25.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Changes in operating assets and liabilities:</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #FFFFFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 34.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Trade accounts receivable</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">868,570</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(226,092</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 34.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Prepaid expenses</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(133,745</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #FFFFFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 34.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Inventories</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(5,016,918</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 34.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Notes receivable - related parties</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(17,978</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
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            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #FFFFFF;">
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(90,097</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 34.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Accounts payable and accrued liabilities</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(1,314,140</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(332,008</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
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          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #FFFFFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 34.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Deferred revenues</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">1,094,191</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 34.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Deferred oil and gas lease payment</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(27,867</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">143,978</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: #FFFFFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 43.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Net cash used in operating activities</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(3,493,665</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(1,039,745</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #FFFFFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Cash flows from investing activities:</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 16.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Sale and maturities of short-term investments</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">22,555,619</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">2,928,145</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #FFFFFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 16.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Purchase of short-term investments</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(20,837,776</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(1,244,889</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 16.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Investments in water, water systems, and land</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(5,788,964</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(1,769,695</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #FFFFFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 16.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Investments in Sky Ranch development</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(1,490,000</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 16.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Purchase of property and equipment</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(132,034</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(160,699</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: #FFFFFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 25.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Net cash used in investing activities</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
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            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #FFFFFF;">
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            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;">
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 16.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Payments to contingent liability holders</font></div>
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            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(1,621</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #FFFFFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 25.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Net cash provided by (used in) financing activities</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">109,089</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">288,883</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Net change in cash and cash equivalents</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(7,587,731</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(2,488,000</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: #FFFFFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Cash and cash equivalents &#8211; beginning of period</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">11,565,038</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">5,575,823</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Cash and cash equivalents &#8211; end of period</font></div>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">3,977,307</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">3,087,823</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);" rowspan="1"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING
                ACTIVITIES</font></td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" rowspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" rowspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" rowspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" rowspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" rowspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" rowspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" rowspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" rowspan="1">&#160;</td>
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          <tr>
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                Roman';">$</font></td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255);" colspan="1" rowspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1" rowspan="1"><font style="font-size: 10pt; font-family: 'Times New
                Roman';">$</font></td>
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      <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">See accompanying Notes to Consolidated Financial Statements</font></div>
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        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        <div style="width: 100%;" id="DSPFPageHeader"><a href="#INDEX"><font style="font-size: 8pt; font-style: italic;">Index</font></a><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;"><a href="#INDEX"><font style="font-size: 8pt;
                font-style: italic;"></font></a></font></div>
      </div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">PURE CYCLE CORPORATION</font></div>
      <div>
        <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;"><a name="NOTESTOCONSOLIDATEDFINANC"><!--Anchor--></a>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</font></div>
      </div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">February 28, 2019</font></font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">NOTE 1 &#8211; PRESENTATION OF INTERIM INFORMATION</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">February 28, 2019</font> consolidated balance sheet, the consolidated
          statements of operations and comprehensive income (loss) for the <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">three and six months</font> ended <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">February










            28, 2019</font> and <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">2018</font>, the consolidated statements of shareholders&#8217; equity for the three and <font style="font-size: 10pt; font-family: &quot;Times New
            Roman&quot;;">six</font> months ended <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">February 28, 2019</font> and <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">2018</font>, and the
          consolidated statements of cash flows for the <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">six</font> months ended <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">February 28, 2019</font> and
          <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">2018</font> have been prepared by Pure Cycle Corporation (the &#8220;Company&#8221;) and have not been audited. The unaudited consolidated financial statements include all adjustments
          that are, in the opinion of management, necessary to present fairly the financial position, results of operations and cash flows at <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">February 28, 2019</font>, and for all
          periods presented.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally
          accepted in the United States of America (&#8220;GAAP&#8221;) have been condensed or omitted. It is suggested that these consolidated financial statements be read in conjunction with the financial statements and notes thereto included in the Company&#8217;s Annual
          Report on Form 10-K for the fiscal year ended <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">August 31, 2018</font> (the &#8220;2018 Annual Report&#8221;) filed with the Securities and Exchange Commission (the &#8220;SEC&#8221;) on November
          13, 2018. The results of operations for interim periods presented are not necessarily indicative of the operating results for the full fiscal year. The <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">August 31, 2018</font>
          balance sheet was derived from the Company&#8217;s audited consolidated financial statements.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Reclassifications</u></font></font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">Certain reclassifications have been made to the </font><font style="font-size: 10pt;
            font-family: &quot;Times New Roman&quot;;">2018</font><font style="font-size: 10pt; font-family: 'Times New Roman';"> financial statements to conform to the consolidated 2019 financial statement presentation. These reclassifications had no
            effect on net earnings or cash flows previously reported.</font></font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Use of Estimates</u></font></font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The preparation of consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the
          reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results
          could differ from those estimates.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Cash and Cash Equivalents</u></font></font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Cash and cash equivalents include all highly liquid debt instruments with original maturities of three months or less. The Company&#8217;s cash equivalents are
          comprised entirely of money market funds maintained at a reputable financial institution. At various times during the three months ended <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">February 28, 2019</font>, the
          Company&#8217;s main operating account exceeded federally insured limits. To date, the Company has not suffered a loss due to such excess balance.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Land Development Inventories</u></font></font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Inventories primarily include land held for development and sale and are stated at cost. Capitalized lot development costs at Sky Ranch are costs
          incurred to construct finished lots at Sky Ranch that meet the Company&#8217;s capitalization criteria for improvements to a lot and are capitalized as incurred. The Company capitalizes certain legal, engineering, design, permitting, land acquisition,
          and construction costs related to the development of lots at Sky Ranch. The Company uses the specific identification method for the purpose of accumulating land development costs and allocates costs to each lot to determine the cost basis for
          each lot sale. The Company records land cost of sales for two of three of our builders over time based on inputs of costs to total costs and for one builder at a point in time as lots are delivered.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">In accordance with Accounting Standards Codification (&#8220;ASC&#8221;) Topic 360, <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style:
            italic;">Property, Plant and Equipment</font> (&#8220;ASC 360&#8221;), the Company measures land held for sale at the lower of the carrying value or fair value less estimated costs to sell. In determining fair value, the Company primarily relies upon the
          most recent negotiated price. If a negotiated price is not available, the Company will consider several factors, including, but not limited to, current market conditions, recent comparable sales transactions and market analysis studies. If the
          fair value less estimated costs to sell is lower than the current carrying value, the land is impaired to its estimated fair value less costs to sell.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Contract Asset</u></font></font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">Contract receivables are recorded at the invoiced amount and do not bear interest. Credit
            is extended based on the evaluation of a customer&#8217;s financial condition and collateral is not required. </font>Contract asset<font style="font-size: 10pt; font-family: 'Times New Roman';"> is revenue which has been earned but not invoiced. The
            contract assets are transferred to the receivables when the Company has the right to bill such amounts and they are invoiced.</font></font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';"> <br>
          </font></font></div>
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        <div style="width: 100%;" id="DSPFPageHeader"><a href="#INDEX"><font style="font-size: 8pt; font-style: italic;">Index</font></a><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;"><a href="#INDEX"><font style="font-size: 8pt;
                font-style: italic;"></font></a></font></div>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Investments</u></font></font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Management determines the appropriate classification of its investments in certificates of deposit and U.S. Treasury debt securities at the time of
          purchase and re-evaluates such determinations each reporting period.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Certificates of deposit and U.S. Treasury 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 $191,600 of investments classified as held-to-maturity at <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">February 28, 2019</font>, which represent certificates of deposit with
          a maturity date in October 2019.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Securities that the Company does not have the positive intent or ability to hold to maturity, including certificates of deposit and U.S. Treasury debt
          securities, are reported at their fair value. Changes in value of such securities are recorded as a component of <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Accumulated other comprehensive income (loss).</font>
          The cost of securities sold is based on the specific identification method. The Company&#8217;s U.S. Treasury debt securities matured at various dates through March 2019.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Concentration of Credit Risk and Fair Value</u></font></font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">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, certificates of deposit and U.S. Treasury obligations. To date, the Company has not experienced significant losses on any of these investments.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">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><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Cash and Cash Equivalents &#8211;</font> 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 amounts of cash
          and cash equivalents approximate fair value.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Trade Accounts Receivable &#8211;</font> The Company
          records accounts receivable net of allowances for uncollectible accounts.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Investments &#8211; </font>The carrying amounts of
          investments approximate fair value. The Company also holds a certificate of deposit that is not carried at fair value on the consolidated balance sheets and is classified as a held-to-maturity security. Investments are described further in Note 2
          &#8211; <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Fair Value Measurements.</font></font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Accounts Payable &#8211;</font> The carrying amounts of
          accounts payable approximate fair value due to the relatively short period to maturity for these instruments.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Long-Term Financial Liabilities</font><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"> &#8211;</font> Comprehensive Amendment Agreement No. 1 (the &#8220;CAA&#8221;) is comprised of a recorded balance sheet and an off-balance sheet or &#8220;contingent&#8221; obligation associated
          with the Company&#8217;s acquisition of its &#8220;Rangeview Water Supply&#8221; (as defined in Note 4 &#8211; <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Water and Land Assets</font> in Part II, Item 8 of the 2018 Annual Report).
          The amount payable is a fixed amount but is repayable only upon the sale of &#8220;Export Water&#8221; (as defined in Note 4 &#8211; <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Water and Land Assets</font> in Part II, Item 8
          of the 2018 Annual Report). Because of the uncertainty of the sale of Export Water, the Company has determined that the contingent portion of the CAA does not have a determinable fair value. The CAA is described further in Note 4 &#8211; <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Long-Term Obligations and Operating Lease &#8211; Participating Interests in Export Water Supply</font>.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Notes Receivable &#8211; Related Parties</font><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"> &#8211; </font>The carrying amounts of the notes receivable &#8211; related parties: Rangeview Metropolitan District (the &#8220;Rangeview District&#8221;), Sky Ranch Metropolitan District
          No. 5, and the Sky Ranch Community Authority Board (the &#8220;CAB&#8221;) approximate their fair value because the interest rates on the notes approximate market rates.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Off-Balance Sheet Instruments &#8211; </font>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 4 &#8211; <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Long-Term Obligations and Operating Lease &#8211;
            Participating Interests in Export Water Supply</font>.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Revenue Recognition</u></font></font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Company disaggregates revenue by major product line as reported on the consolidated statements of operations and comprehensive income (loss).</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Company generates revenues through two lines of business. Revenues are derived through its wholesale water and wastewater business and through the
          sale of developed land primarily for residential lots, both of which businesses are described below.</font></div>
      <div><br>
      </div>
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                font-style: italic;"></font></a></font></div>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Wholesale Water and Wastewater Fees</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Company generates revenues through its wholesale water and wastewater business predominantly from three sources: (i) monthly wholesale water usage
          fees and wastewater service fees, including monthly usage fees for water deliveries to the oil and gas industry for hydraulic fracturing, (ii) one-time water and wastewater tap fees and construction fees/Special Facility funding (as defined
          below), and (iii) consulting fees. Because these items are separately delivered and distinct, the Company accounts for each of the items separately, as described below.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z198239fa9bb1408297641901f9bcf410" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

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                </td>
                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(i)</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Monthly water usage and wastewater treatment fees</u></font>&#160;<font style="font-size: 10pt; font-family:
                        'Times New Roman'; font-weight: bold; font-style: italic;">&#8211;</font> 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 at a point in time 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 Export Water and other portions of its Rangeview Water Supply off the &#8220;Lowry Range&#8221; (as described in Note 4 &#8211; <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Water and
                        Land Assets</font> in Part II, Item 8 of the 2018 Annual Report) are shown gross of royalties to the State of Colorado Board of Land Commissioners (the &#8220;Land Board&#8221;). The Company is the distributor of the Export Water and sets
                      pricing for the sale of Export Water. 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 Rangeview District. For water sales on
                      the Lowry Range, the Rangeview District is directly selling the water and deemed the distributor of the water. The Rangeview District sets the price for the water sales on the Lowry Range. See further description of Export Water, the
                      Lowry Range, and the Rangeview Water Supply in Note 4 &#8211; <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Water and Land Assets</font> under &#8220;Rangeview Water Supply and Water System&#8221; in Part II, Item
                      8 of the 2018 Annual Report.</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">In addition to providing domestic water, the Company provides raw water for hydraulic fracturing to industrial customers in the oil
          and gas industry that are located in and adjacent to its service areas. Frack water revenues are recognized at a point in time upon delivering water to a customer.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Company delivered 13.8 million and 62.7 million gallons of water to customers during the three months ended February 28, 2019 and
          2018, respectively, of which 68% and 94% was used for oil and gas exploration. The Company delivered 135.4 million and 140.2 million gallons of water to customers during the six months ended February 28, 2019 and 2018, respectively, of which 79%
          and 90% was used for oil and gas exploration.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Company recognizes wastewater treatment revenues monthly based on a flat monthly fee and actual usage charges. The monthly
          wastewater treatment fees are shown net of amounts retained by the Rangeview District. Costs of delivering water and providing wastewater service to customers are recognized as incurred.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z2d76ebc6918a47e489c5081dbe4e2cf4" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

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                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(ii)</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Water and wastewater tap fees/Special Facility funding</u></font> &#8211; The Company recognizes water and
                      wastewater tap fees as revenue at the time the Company grants a right for the customer to tap into the water or wastewater service line to obtain service. The Company recognized $392,500 and $0 of water tap fee revenues during the
                      three months ended February 28, 2019 and 2018, respectively, and $619,400 and $49,900 of water tap fee revenues during the six months ended February 28, 2019 and 2018, respectively. The water tap fees recognized are based on the
                      amounts billed by the Rangeview District and any amounts paid to third parties pursuant to the CAA as further described in Note 4 &#8211; <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Long-Term
                        Obligations and Operating Lease</font> &#8211; <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Participating Interests</font>&#160;<font style="font-size: 10pt; font-family: 'Times New Roman'; font-style:
                        italic;">in Export Water Supply</font> below. The Company recognized $74,500 and $102,500 of wastewater tap fee revenues during the three and six months ended February 28, 2019, respectively. No wastewater taps were sold during the
                      three or six months ended February 28, 2018.</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Company recognizes construction fees, including fees received to construct &#8220;Special Facilities,&#8221; over time as the construction is
          completed because the customer is generally able to use the property improvement to enhance the value of other assets during the construction period. Special Facilities are facilities that enable water to be delivered to a single customer and are
          not otherwise classified as a typical wholesale facility or retail facility. 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. Management has determined that Special Facilities are separate and distinct performance obligations because these projects are contracted to construct a specific water and wastewater system or
          transmission pipeline and typically do not include multiple performance obligations in a contract with a customer. No Special Facilities revenue has been recognized during the three and six months ended February 28, 2019 or 2018.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z26475cee2c754bfd83bae04fcf895e72" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(iii)</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Consulting fees</u></font> &#8211; Consulting fees are fees that the Company receives, typically on a monthly
                      basis, from municipalities and area water providers along the I-70 corridor, for contract operations services over time as services are consumed. Consulting fees are recognized monthly based on a flat monthly fee plus charges for
                      additional work performed. The Company recognized $50,400 and $31,600 of consulting fees during the three months ended February 28, 2019 and 2018, respectively and $110,200 and $58,000 of consulting fees during the six months ended <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">February 28, 2019</font> and <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">2018</font>, respectively.</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">8</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        <div style="width: 100%;" id="DSPFPageHeader"><a href="#INDEX"><font style="font-size: 8pt; font-style: italic;">Index</font></a><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;"><a href="#INDEX"><font style="font-size: 8pt;
                font-style: italic;"></font></a></font></div>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Land Development Activities</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Company generates revenues through the sale of finished lots at its Sky Ranch development primarily from several sources of revenues: (i) the sale of
          finished lots, (ii) construction support activities, (iii) project management services, and (iv) reimbursable expenses incurred to develop certain infrastructure.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z2257844cac7d4e33a7c7021e62b147a5" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(i)</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Sale of finished lots</u></font> &#8211; The Company acquired 931 acres of land zoned as a Master Planned
                      Community known as Sky Ranch along the I-70 corridor east of Denver, Colorado. The Company has entered into purchase and sale agreements with three separate home builders pursuant to which the Company agreed to sell, and each builder
                      agreed to purchase, residential lots at the property. The Company began construction of lots on March 1, 2018 and segments its reporting of the activity relating to the costs and revenues from the construction and sale of lots at Sky
                      Ranch.</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Company sells lots at Sky Ranch pursuant to distinct agreements with each builder. These agreements follow one of two formats. One
          format is the sale of a finished lot, whereby the purchaser pays for a ready-to-build finished lot and payment is a lump-sum payment upon completion of the finished lot. The Company recognizes revenues at the point in time of the closing of the
          sale of a finished lot in which control transfers to the builder and the builder is able to obtain a building permit, as the transaction cycle is complete, and the Company has no further obligations for the lot. As of the three and six months
          ended February 28, 2019, the Company had received from one home builder in exchange for the delivery of four platted lots a total payment of $300,000, which was recognized at a point of time of the closing of the sale of the finished lots. No
          revenue was recognized for lot sales at a point in time for the three or six months ended February 28, 2018.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Company&#8217;s second format is the sale of finished lots pursuant to a development agreement with builders, whereby the Company
          receives payments in stages that include (i) payment upon the delivery of platted lots (which requires the Company to deliver deeded title to individual lots), (ii) a second payment upon the completion of certain infrastructure milestones, and
          (iii) final payment upon the delivery of the finished lot. Ownership and control of the platted lots pass to the builders once the Company closes the sale of the platted lots. Because the builder (i.e., the customer) takes control of the lot at
          the first closing and subsequent improvements made by the Company improve the builder&#8217;s lot as construction progresses, the Company accounts for revenue over time with progress measured based upon costs incurred to date compared to total expected
          costs and any revenue in excess of amounts entitled to be billed are reflected on the balance sheet as a contract asset and amounts received in excess of revenue recognized are recorded as deferred revenue. As of February 28, 2019, the Company
          had received from three home builders in exchange for delivery of 150 platted lots total payments of $6.6 million, of which $5.2 million had been recognized based upon costs incurred to date compared to total expected costs. For the three and six
          months ended February 28, 2019, the Company recognized $1,646,400 and $3,027,600 of lot sales over time, respectively. No revenue was recognized for lot sales for the three or six months ended February 28, 2018. The Company had deferred revenue
          related to lot sales of $1,455,200 and $0 as of February 28, 2019 and 2018, respectively. The Company does not have any material significant payment terms as all payments are expected to be received within 12 months after the delivery of each
          platted lot.&#160; The Company adopted the practical expedient for financing components and does not need to account for a financing component of these lot sales as the delivery of lot sales is expected to occur within one year or less.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="za5a58764df734ffaabcda55003deb5ba" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(ii)</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Construction support activities</u></font> &#8211; The Company performs certain construction activities at Sky
                      Ranch. The activities performed include construction and maintenance of the grading erosion and sediment control best management practices and other construction-related services. These activities are invoiced upon completion and will
                      accrue to the reimbursable amount due from the CAB upon issuance of municipal bonds by the CAB. Once the municipal bonds are issued, all reimbursable costs will be recorded as a note receivable and will reduce any remaining
                      capitalized costs. Any excess will be recognized as a gain from the sale of municipal bond securities. To date, the Company has invoiced the CAB $340,700 for construction support activities, which amount is included in Inventories.</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z9adf1246e4084b6083c14b43efcb285e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(iii)</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Project management services</u></font> &#8211; The Company entered into two Service Agreements for Project
                      Management Services with the CAB on May 2, 2018. The CAB was organized by Sky Ranch Metropolitan District Nos. 1 and 5 to construct, operate and maintain certain public facilities and improvements in accordance with the Sky Ranch
                      Community Authority Board Establishment Agreement and each of the service plans for Sky Ranch Metropolitan District Nos. 1 and 5. The Company has experience in providing project improvement services and is willing to provide such
                      services to the CAB for reasonable consideration.</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">9</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        <div style="width: 100%;" id="DSPFPageHeader"><a href="#INDEX"><font style="font-size: 8pt; font-style: italic;">Index</font></a><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;"><a href="#INDEX"><font style="font-size: 8pt;
                font-style: italic;"></font></a></font></div>
      </div>
      <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Pursuant to these agreements, the Company acts as the project manager and provides any and all services required to deliver the
          CAB-eligible improvements, including but not limited to CAB compliance; planning design and approvals; project administration; contractor agreements; and construction management and administration. The Company must submit to the CAB a monthly
          invoice, in a form acceptable to the CAB. Invoices must be submitted no more frequently than once a month. The Company is responsible for all expenses it incurs in the performance of the agreements and is not entitled to any reimbursement or
          compensation except as defined in the agreements, unless otherwise approved in advance by the CAB in writing. The CAB is subject to annual budget and appropriation procedures and does not intend to create a multiple-fiscal year direct or indirect
          debt or other financial obligation. The Company receives a project management fee of five percent (5%) of actual construction costs of CAB-eligible improvements. The project management fee qualifies as a reimbursable cost to the Company. The
          project management fee is based only on the actual costs of the improvements; thus, items such as fees, permits, review fees, consultant or other soft costs, and land acquisition or any other costs that are not directly related to the cost of
          construction of CAB-eligible improvements are not included in the calculation of the project management fee. Soft costs and other costs that are not directly related to the construction of CAB-eligible improvements are being accrued to the
          reimbursable amount due from the CAB upon issuance of municipal bonds by the CAB. Once the municipal bonds are issued, all reimbursable costs will be recorded as a note receivable and will reduce any remaining capitalized costs. Any excess will
          be recognized as a gain from the sale of municipal bond securities. To date, the Company has accrued $580,400<font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">&#160;</font>in project management services to the CAB,
          which amount is included in Inventories.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z3be5e5902f544c14a3bbfa682b90dcde" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(iv)</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Reimbursable expenses</u></font> &#8211; The CAB is required to construct certain infrastructure, the costs of
                      which qualify as reimbursable costs. Reimbursable costs include water distribution systems, sewer collection systems, storm water system, drainage improvements, roads, curb, sidewalks, landscaping, and parks. The Company is obligated
                      to finance this infrastructure pursuant to its agreements with the CAB (see Note 14 &#8211; <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Related Parties in Part II, Item 8 of the 2018 Annual Report</font>).










                      The Company and the CAB have agreed that no payment is required with respect to advances made by the Company or expenses incurred related to construction of improvements unless and until the CAB and/or the Sky Ranch Districts (as
                      defined in Note 6 &#8211; <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Related Party Transactions</font>) issue bonds in an amount sufficient to reimburse the Company for all or a portion of the
                      advances made and expenses incurred. Due to this contingency, the reimbursable costs are included in lot development costs until the point in time when bonding is obtained. At that point, all previously incurred reimbursable costs
                      will be recorded as a note receivable.</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Company evaluated disaggregation of revenue and has determined that no additional disaggregation of revenue is necessary.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Contract asset by segment is as follows:</font></div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" id="z9cd018ff4f20474896f2411c4137040e">

          <tr>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';">February 28, 2019</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';">August 31, 2018</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Wholesale water and wastewater services</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Land development activities</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Corporate</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: #FFFFFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Balance, end of period</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Changes in contract asset were as follows:</font></div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" id="zbb518123289d419eb33842b47e414e75">

          <tr>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';">February 28, 2019</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';">August 31, 2018</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Balance, beginning of period</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Recognition of revenue contract asset</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">1,020,146</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Contract asset invoiced</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(1,020,146</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: #FFFFFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Balance, end of period</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Deferred revenue by segment is as follows:</font></div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" id="zbe8e0948693342daa41a483129a605d6">

          <tr>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';">February 28, 2019</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';">August 31, 2018</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Wholesale water and wastewater services</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Land development activities</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">1,455,241</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">361,050</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Oil and gas leases</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">88,244</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">116,111</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255); padding-bottom: 2px;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Balance, end of period</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">1,543,485</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">477,161</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Oil and gas leases, less current portion</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(55,733</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(55,733</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255); padding-bottom: 2px;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Oil and gas leases, long term</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">32,511</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">60,378</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Total oil and gas leases</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">88,244</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">116,111</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Changes in deferred revenue were as follows:</font></div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" id="zd39ca857f9854f678f9f554fc770e0c0">

          <tr>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';">February 28, 2019</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';">August 31, 2018</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Balance, beginning of period</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">477,161</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">1,055,488</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Cumulative effect of adoption of ASU 2014-09</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(1,055,488</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Deferral of revenue</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">4,121,768</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">2,667,200</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255); padding-bottom: 2px;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Recognition of unearned revenue</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(3,055,444</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(2,190,039</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Balance, end of period</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">1,543,485</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">477,161</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">10</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        <div style="width: 100%;" id="DSPFPageHeader"><a href="#INDEX"><font style="font-size: 8pt; font-style: italic;">Index</font></a><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;"><a href="#INDEX"><font style="font-size: 8pt;
                font-style: italic;"></font></a></font></div>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Revenue allocated to remaining performance obligations represents contracted revenue that has not yet been recognized (&#8220;contracted not recognized
          revenue&#8221;), which includes unearned revenue and amounts that will be invoiced and recognized as revenue in future periods. At February 28, 2019, the Company had outstanding open contracts for $29,387,700, which primarily related to the sale of 506
          lots at Sky Ranch. The Company expects to recognize approximately 54% of such revenue over the next 12 months.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Inventories</u></font></font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Inventories include land held for development and sale that the Company has developed and are stated at cost. Capitalized lot development costs at Sky
          Ranch are costs incurred to construct finished lots at Sky Ranch that meet the Company&#8217;s capitalization criteria for improvements to a lot and are capitalized as incurred. The Company capitalizes certain legal, engineering, design, permitting,
          land acquisition, and construction costs related to the development of lots at Sky Ranch. The Company uses the specific identification method for purposes of accumulating land development costs and allocates costs to each lot to determine the
          cost basis for each lot sale. The Company records all land cost of sales for those contracts accounted for over time with progress measured based upon costs incurred to date compared to total expected costs. For customer contracts accounted for
          at a point in time, all costs are accumulated and recognized at the point in time control transfers to the customer, which is generally at closing for each finished lot. Inventory costs include common area costs that the Company funded through
          the CAB.&#160; The Company expects that the costs will be reimbursed by the CAB. The Company will record any reimbursements as a reduction of cost once the CAB has the ability to reimburse the costs (i.e., once the CAB has issued bonds).</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">In accordance with ASC 360, the Company measures land held for sale at the lower of the carrying value or fair value less estimated costs to sell. In
          determining fair value, the Company primarily relies upon the most recent negotiated price. If a negotiated price is not available, the Company will consider several factors, including, but not limited to, current market conditions, recent
          comparable sales transactions and market analysis studies. If the fair value less estimated costs to sell is lower than the current carrying value, the land is impaired to its estimated fair value less costs to sell.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Royalty and Other Obligations</u></font></font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">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
          invoiced directly by the Rangeview District, and a percentage of such collections are then paid to the Company by the Rangeview District. Water revenue from such sales are shown net of royalties paid to the Land Board and amounts retained by the
          Rangeview District.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Oil and Gas Lease Payments</u></font></font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">As further described in Note 2 &#8211; <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Summary of Significant Accounting
            Policies</font> in Part II, Item 8 of the 2018 Annual Report, the Company entered into a Paid-Up Oil and Gas Lease and a Surface Use and Damage Agreement that were subsequently purchased by a wholly owned subsidiary of ConocoPhillips Company.
          Two wells were drilled within the Company&#8217;s mineral interest and placed into service and began producing oil and gas and accruing royalties to the Company. During the three months ended <font style="font-size: 10pt; font-family: &quot;Times New
            Roman&quot;;">February 28, 2019</font> and <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">2018</font>, the Company received $44,400 and $49,800 net of taxes, respectively, in royalties attributable to these two wells.
          During the six months ended <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">February 28, 2019</font> and <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">2018</font>, the Company received $75,800
          and $91,500 net of taxes, respectively, in royalties attributable to these two wells. The Company classifies income from oil and gas lease and royalty payments as <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Other










            income</font> in the statement of operations and comprehensive income (loss) as the Company does not consider these arrangements to be a primary operating business activity.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Deferred Revenue</u></font></font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Deferred revenue as of February 28, 2019, was comprised of unearned revenue from a Paid-Up Oil and Gas Lease between the Company and Bison Oil and Gas,
          LLP, for the purpose of exploring for, developing, producing, and marketing oil and gas on the 40 acres of mineral estate that the Company owns adjacent to the Lowry Range (the &#8220;Bison Lease&#8221;) and unearned revenue from advanced payments for lot
          sales at Sky Ranch.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Company received an up-front payment of $167,200 in fiscal 2018, which will be recognized as income on a straight-line basis over three years (the
          term of the Bison Lease). The Company recognized lease income of $13,900 during each of the three months ended February 28, 2019 and 2018 related to the up-front payment received pursuant to the Bison Lease. The Company recognized lease income of
          $27,900 and $23,200 during the six months ended February 28, 2019 and 2018, respectively, related to the up-front payment received pursuant to the Bison Lease. As of February 28, 2019, and August 31, 2018, the Company had deferred revenue of
          $88,300 and $116,100, respectively, related to the Bison Lease that will be recognized as income ratably through September 2020.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">As of February 28, 2019, the Company had deferred revenue from lot sales of approximately $1.5 million, which included (1) a $4.4 million payment from
          two builders for sales of platted lots at Sky Ranch, net of $3.3 million of lot fee revenue recognized in the six months ended February 28, 2019, based on the input method of total project costs incurred as a percent of completion, and (2) a $2.5
          million payment from two builders for sales of platted lots at Sky Ranch, net of $2.1 million of lot fee revenue recognized in fiscal 2018 based on the input method of total project costs incurred as a percent of completion.</font></div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">11</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        <div style="width: 100%;" id="DSPFPageHeader"><a href="#INDEX"><font style="font-size: 8pt; font-style: italic;">Index</font></a><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;"><a href="#INDEX"><font style="font-size: 8pt;
                font-style: italic;"></font></a></font></div>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Long-Lived Assets</u></font></font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">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.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Capitalized Costs of Water and Wastewater Systems and Depletion and
              Depreciation of Water Assets</u></font></font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Costs to construct water and wastewater systems that meet the Company&#8217;s capitalization criteria are capitalized as incurred, including any 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. The Company depletes its groundwater assets that are being utilized on the basis of units produced (i.e., thousands of gallons sold) divided by the total volume of water
          adjudicated in the water decrees.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Share-Based Compensation</u></font></font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Company maintains a stock option plan for the benefit of its employees and non-employee directors. The Company records share-based compensation costs
          as expense over the applicable vesting period of the stock award using the straight-line method. The compensation costs to be expensed are measured at the grant date based on the fair value of the award. The Company has adopted the alternative
          transition method for calculating the tax effects of share-based compensation, which allows for a simplified method of calculating the tax effects of employee share-based compensation. Because the Company has a full valuation allowance on its
          deferred tax assets, the granting and exercise of stock options has no impact on the income tax provisions. The Company recognized $58,200 and $77,400 of share-based compensation expense during the three months ended <font style="font-size:
            10pt; font-family: &quot;Times New Roman&quot;;">February 28, 2019</font> and <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">2018</font>, respectively. The Company recognized $161,700 and $157,600 of share-based
          compensation expense during the six months ended <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">February 28, 2019</font> and <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">2018</font>,
          respectively.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Income Taxes</u></font></font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">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 did not have any significant unrecognized tax benefits as of <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">February 28, 2019</font>.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">As a result of H.R.1, commonly known as the Tax Cuts and Jobs Act (the &#8220;Tax Act&#8221;), signed into law on December 22, 2017, the Company has a $282,000
          alternative minimum tax (&#8220;AMT&#8221;) deferred tax asset for which it did not have a valuation allowance as of <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">February 28, 2019</font> and August 31, 2018.&#160; The Company expects
          to receive the AMT as a refund in future years.&#160; Most, if not all, of this credit will be refundable starting with the filing of the 2018 (fiscal year ending 2019) through 2021 (fiscal year ending 2022) tax returns, subject to limitations of
          Internal Revenue Code Section 382 (arises with ownership changes) and the sequestration limitation of the Balanced Budget Act of 1997. The Company has evaluated the Tax Act and determined that the impact was immaterial.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Company files income tax returns with the Internal Revenue Service and the State of Colorado. The tax years that remain subject to examination are
          fiscal year 2015 through fiscal year <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">2018</font>.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">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 <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">February 28, 2019</font>, the Company did not have any accrued interest or penalties associated with any unrecognized tax benefits, nor was any interest expense recognized
          during the three or six months ended <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">February 28, 2019</font> or <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">2018</font>.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Income (Loss) per Common Share</u></font></font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares outstanding during each period. Common
          stock options of 209,579 common share equivalents as of the six months ended February 28, 2019, were included in the calculation of income per common share as dilutive common stock equivalents using the treasury stock method. Common stock options
          aggregating 50,000 common share equivalents as of the six months ended <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">February 28, 2019</font>, have been excluded from the calculation of income per common share as their
          effect is anti-dilutive. Common stock options of 135,840 common share equivalents as of the six months ended <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">February 28, 2018</font>, were included in the calculation of
          income per common share as dilutive common stock equivalents using the treasury stock method. Common stock options aggregating 32,500 common share equivalents as of the six months ended <font style="font-size: 10pt; font-family: &quot;Times New
            Roman&quot;;">February 28, 2018</font>, have been excluded from the calculation of income per common share as their effect is anti-dilutive.</font></div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">12</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        <div style="width: 100%;" id="DSPFPageHeader"><a href="#INDEX"><font style="font-size: 8pt; font-style: italic;">Index</font></a><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;"><a href="#INDEX"><font style="font-size: 8pt;
                font-style: italic;"></font></a></font></div>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Recently Issued Accounting Pronouncements</u></font></font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Company continually assesses any new accounting pronouncements to determine their applicability. When it is determined that a new accounting
          pronouncement affects the Company&#8217;s financial reporting, the Company undertakes a study to determine the consequence of the change to its consolidated financial statements and to 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:</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">In February 2016, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued Accounting Standards Update (&#8220;ASU&#8221;) No. 2016-02, <font style="font-size:
            10pt; font-family: 'Times New Roman'; font-style: italic;">Leases (Topic 842). </font>ASU 2016-02<font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">&#160;</font>provides guidance on the recognition, measurement,
          presentation, and disclosure of leases. The new standard supersedes the present GAAP standard on leases and requires substantially all leases to be reported on the balance sheet as right-of-use assets and lease obligations. This standard is
          effective for fiscal years beginning after December 15, 2018. The Company is currently assessing the impact of ASU 2016-02.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">In June 2016, the FASB issued ASU No. 2016-13, <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Financial Instruments
            &#8211; Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments</font>.&#160; Among other things, these amendments require the measurement of all expected credit losses for financial assets held at the reporting date based on
          historical experience, current conditions, and reasonable and supportable forecasts. Companies will now use forward-looking information to better inform their credit loss estimates. The standard is effective for fiscal years beginning after
          December 15, 2019, including interim periods within those fiscal years. The Company is currently assessing the provisions of the standard and the impact of the adoption on its consolidated financial statements.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">In February 2018, the FASB issued ASU 2018-02, Income Statement &#8212; Reporting Comprehensive Income (Topic 220); Reclassification of Certain Tax Effects
          from Accumulated Other Comprehensive Income. The amendments in ASU 2018-02 allow a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Act. Consequently, the amendments
          eliminate the stranded tax effects resulting from the Tax Act and will improve the usefulness of information reported to financial statement users. The amendments are effective for fiscal years beginning after December 15, 2018, including interim
          periods within those fiscal years. Early adoption is permitted in any interim period after issuance of the standard. The Company believes the impact of this standard on its condensed consolidated financial statements is immaterial.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">In June 2018, the FASB issued ASU 2018-07, Compensation &#8212; Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. ASU
          2018-07 is intended to reduce cost and complexity and to improve financial reporting for share-based payments issued to nonemployees. This standard expands the scope of ASC Topic 718, <font style="font-size: 10pt; font-family: &quot;Times New
            Roman&quot;; font-style: italic;">Compensation &#8212; Stock Compensation</font>, which currently only includes share-based payments issued to employees, to include share-based payments issued to nonemployees for goods and services. Consequently, the
          accounting for share-based payments to nonemployees and employees will be substantially aligned. ASU 2018-07 supersedes ASC Subtopic 505-50, <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Equity &#8212; Equity-Based
            Payments to Non-Employees</font>. The amendments in this ASU are effective for fiscal years beginning after December 15, 2018, including interim periods within these fiscal years. The Company is currently in the process of assessing the impact
          of this ASU on its condensed consolidated financial statements.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">NOTE 2 &#8211; FAIR VALUE MEASUREMENTS</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
          participants at the measurement date in the principal or most advantageous market. The Company uses a fair value hierarchy that has three levels of inputs, both observable and unobservable, with use of the lowest possible level of significant
          input to determine where within the fair value hierarchy the measurement falls.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Level 1 &#8212; Valuations for assets and liabilities traded in active exchange markets, such as the NASDAQ Stock Market. The Company had no Level 1 assets or
          liabilities as of <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">February 28, 2019</font> or <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">August 31, 2018</font>.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Level 2 &#8212; Valuations for assets and liabilities obtained from readily available pricing sources via independent providers for market transactions
          involving similar assets or liabilities. The Company had four and seven Level 2 assets as of <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">February 28, 2019</font> and <font style="font-size: 10pt; font-family:
            &quot;Times New Roman&quot;;">August 31, 2018</font>, respectively, which consist of&#160; U.S. Treasury debt securities.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Level 3 &#8212; Valuations for assets and liabilities that are derived from other valuation methodologies, including discounted cash flow models and similar
          techniques, and not based on market exchange, dealer, or broker-traded transactions. Level 3 valuations incorporate certain assumptions and projections in determining the fair value assigned to such assets or liabilities. The Company had one
          Level 3 liability, the contingent portion of the CAA, as of <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">February 28, 2019</font> and <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">August
            31, 2018</font>. The Company has determined that the contingent portion of the CAA does not have a determinable fair value (see Note 4 &#8211; <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Long-Term Obligations
            and Operating Lease)</font>.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">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><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">13</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        <div style="width: 100%;" id="DSPFPageHeader"><a href="#INDEX"><font style="font-size: 8pt; font-style: italic;">Index</font></a><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;"><a href="#INDEX"><font style="font-size: 8pt;
                font-style: italic;"></font></a></font></div>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Level 2 Asset &#8211; Investments. </font>The Company&#8217;s
          debt securities are the Company&#8217;s only financial asset measured at fair value on a recurring basis. The fair value of investment securities is based on the values reported by the financial institutions where the funds are held. Investment
          securities include U.S. Treasury debt securities.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Company&#8217;s non-financial assets measured at fair value on a non-recurring basis when assessing recoverability consist entirely of its investments in
          water and water systems and other long-lived assets. See Note 3 &#8211; <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Water and Land Assets </font>below.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The following table provides information on the assets and liabilities measured at fair value on a recurring basis as of <font style="font-size: 10pt;
            font-family: &quot;Times New Roman&quot;;">February 28, 2019</font>:</font></div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" id="zcac63cecf34d48a68b50849fdd532729">

          <tr>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="10">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Fair Value Measurement Using:</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Fair Value</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Cost /</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Other Value</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Quoted Prices in</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Active Markets</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">for Identical</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Assets</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">(Level 1)</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Significant</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Other</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Observable </font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Inputs</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">(Level 2)</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Significant</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Unobservable</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Inputs</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">(Level 3)</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Accumulated</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Unrealized</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Gains and</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">(Losses)</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 28%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">U.S. Treasury debt securities</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">6,938,600</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">6,925,900</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">6,938,600</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">12,700</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 28%; padding-bottom: 4px; background-color: #FFFFFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 16.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Total</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">6,938,600</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">6,925,900</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">6,938,600</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">12,700</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The following table provides information on the assets and liabilities measured at fair value on a recurring basis as of <font style="font-size: 10pt;
            font-family: &quot;Times New Roman&quot;;">August 31, 2018</font>:</font></div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" id="z477ff7d5049845bd9c21bbe7c55b4ecd">

          <tr>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="10">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Fair Value Measurement Using:</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Fair Value</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Cost /</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Other Value</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Quoted Prices in</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Active Markets</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">for Identical</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Assets</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">(Level 1)</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Significant</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Other</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Observable </font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Inputs</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">(Level 2)</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Significant</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Unobservable</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Inputs</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">(Level 3)</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Accumulated</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Unrealized</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Gains and</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">(Losses)</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 28%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">U.S. Treasury debt securities</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">8,718,000</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">8,644,900</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">8,718,000</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">66,400</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 28%; padding-bottom: 4px; background-color: rgb(255, 255, 255);">
              <div style="text-align: left; margin-left: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Total</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">8,718,000</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">8,644,900</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">8,718,000</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">66,400</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
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      </table>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Company also holds a certificate of deposit that is not carried at fair value on the consolidated balance sheets and is classified as a
          held-to-maturity security. As of <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">February 28, 2019</font>, the carrying amount of held-to-maturity securities was $191,600 and is included in short-term investments in the
          accompanying consolidated financial statements. As of <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">August 31, 2018</font>, the carrying amount of held-to-maturity securities was $190,400 and is recorded as long-term
          investments in the accompanying consolidated financial statements.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">NOTE 3 &#8211; WATER AND LAND ASSETS</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Company&#8217;s water rights and current water and wastewater service agreements are more fully described in Note 4 &#8211; <font style="font-size: 10pt;
            font-family: 'Times New Roman'; font-style: italic;">Water and Land Assets</font> in Part II, Item 8 of the 2018 Annual Report. There have been no significant changes to the Company&#8217;s water rights or water and wastewater service agreements
          during the <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">six</font> months ended <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">February 28, 2019</font>.</font></div>
      <div><br>
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      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Investment in Water and Water Systems</u></font></font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Company&#8217;s Investments in Water and Water Systems consist of the following costs and accumulated depreciation and depletion at <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">February 28, 2019</font> and <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">August 31, 2018</font>:</font></div>
      <div><br>
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      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" id="z9a5375304ef546f7b3eb4b03902732d5">

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            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="6">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';">February 28, 2019</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="6">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';">August 31, 2018</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Costs</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Accumulated</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Depreciation</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">and Depletion</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Costs</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Accumulated</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Depreciation</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">and Depletion</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Rangeview Water Supply</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">14,820,700</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(13,500</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">14,813,800</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(12,800</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Sky Ranch water rights and other costs</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">7,338,100</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(652,600</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">7,171,700</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(561,400</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Fairgrounds water and water system</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">2,899,900</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(1,106,900</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">2,899,900</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(1,062,900</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Rangeview water system</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">2,679,100</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(288,800</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Water Supply &#8211; Other</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
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              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Wild Pointe service rights</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Sky Ranch pipeline</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">5,697,400</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(316,400</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: #FFFFFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Construction in progress</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">5,785,400</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">1,609,400</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Totals</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">45,387,900</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(3,394,600</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">39,735,200</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(3,013,300</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
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          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 4px; background-color: #FFFFFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Net investments in water and water systems</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">41,993,300</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">36,721,900</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">14</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        <div style="width: 100%;" id="DSPFPageHeader"><a href="#INDEX"><font style="font-size: 8pt; font-style: italic;">Index</font></a><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;"><a href="#INDEX"><font style="font-size: 8pt;
                font-style: italic;"></font></a></font></div>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Capitalized terms in this section not defined herein are defined in Note 4 &#8211; <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style:
            italic;">Water and Land Assets</font> in Part II, Item 8 of the 2018 Annual Report.</font></div>
      <div><br>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Construction in progress primarily consists of capital water projects at Sky Ranch, including the wastewater facility, the water storage tank and the water
          pump station.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Depletion and Depreciation</u></font></font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Company recorded depletion charges of $200 and $900 during the three months ended <font style="font-size: 10pt; font-family: &quot;Times New
            Roman&quot;;">February 28, 2019</font> and <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">2018</font>, respectively, and $800 and $1,000 during the six months ended <font style="font-size: 10pt; font-family:
            &quot;Times New Roman&quot;;">February 28, 2019</font> and <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">2018</font>, respectively. The depletion was related entirely to the Rangeview Water Supply.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Company recorded $251,300 and $169,700 of depreciation expense during the three months ended <font style="font-size: 10pt; font-family: &quot;Times
            New Roman&quot;;">February 28, 2019</font> and <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">2018</font>, respectively. The Company recorded $491,000 and $344,700 of depreciation expense during the six months ended <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">February 28, 2019</font> and <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">2018</font>, respectively. These figures include depreciation for other
          equipment not included in the table above.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">NOTE 4 &#8211; LONG-TERM OBLIGATIONS AND OPERATING LEASE</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Participating Interests in Export Water Supply is an obligation of the Company that has no scheduled maturity date. Therefore, maturity of this
          liability is not disclosed in tabular format but is described below.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Participating Interests in Export Water Supply</u></font></font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">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 that the Company received from the participating interest holders that was used to purchase the
          Company&#8217;s Export Water (described in greater detail in Note 4 &#8211; <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Water and Land Assets </font>in Part II, Item 8 of the 2018 Annual Report). The Company agreed to
          remit a total of $31.8 million of proceeds received from the sale of Export Water to the participating interest holders in return for their initial $11.1 million 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&#8217;s balance sheet because the obligation to pay this is contingent on the sale of Export Water, the amounts and timing of which are not reasonably determinable.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">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 of the Company are also not entitled to payment of any dividend and have no contractual recourse against the Company.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">As the proceeds from the sale of Export Water are received and the amounts are remitted to the external CAA holders, the Company allocates a ratable
          percentage of this payment to the principal portion (the Participating Interests in Export Water Supply<font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">&#160;</font>liability account), with the balance of the payment
          being charged to the contingent obligation portion. Because the original recorded liability, which was $11.1 million, was 35% of the original total liability of $31.8 million, 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.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">From time to time, the Company reacquired various portions of the CAA obligations, which retained their original priority, including the Land Board&#8217;s CAA
          interest which was assigned and relinquished to the Company in 2014. The Company did not make any CAA acquisitions during the three months ended <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">February 28, 2019</font>
          and <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">2018</font>.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">As a result of the acquisitions, the Company is currently allocated approximately 88% of the total proceeds from the sale of Export Water after payment
          of the Land Board royalty. The acquisitions and cumulative sales of Export Water are detailed in the table below. The remaining potential third-party obligation at <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">February
            28, 2019</font>, is approximately $1 million.</font></div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">15</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        <div style="width: 100%;" id="DSPFPageHeader"><a href="#INDEX"><font style="font-size: 8pt; font-style: italic;">Index</font></a><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;"><a href="#INDEX"><font style="font-size: 8pt;
                font-style: italic;"></font></a></font></div>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" id="zc243615346d843b0868e36047db76d7b">

          <tr>
            <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Export</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Water</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Proceeds</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Received</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Initial Export</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Water</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Proceeds to</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Pure Cycle</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Total</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Potential</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Third-Party </font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Obligation</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Participating</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Interests</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Liability</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Contingency</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #CCEEFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Original balances</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">218,500</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">31,807,700</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">11,090,600</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">20,717,100</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #FFFFFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Activity from inception until <font style="font-size: 10pt; font-family: 'Times New
                    Roman';">August 31, 2018</font>:</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #CCEEFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 16.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Acquisitions</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">28,042,500</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(28,042,500</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(9,790,000</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(18,252,500</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #FFFFFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 16.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Relinquishment</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">110,400</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
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            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">533,000</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(373,100</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
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            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
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            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">737,300</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
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            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
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            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
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            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">1,380,700</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">1,007,400</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">339,100</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">668,300</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 40%; padding-bottom: 2px; background-color: #FFFFFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 16.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Export Water sale payments</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">138,900</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(122,400</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(16,500</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(5,800</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(10,700</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 40%; padding-bottom: 4px; background-color: #CCEEFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Balance at <font style="font-size: 10pt; font-family: 'Times New Roman';">February 28, 2019</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">1,519,600</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">29,515,700</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">990,900</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">333,300</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">657,600</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: left;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zfee73126e8d0424d8736d7b9eba0f9ef" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 18pt; vertical-align: top;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(1)</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">The Arapahoe County tap fees are net of $34,522 in royalties paid to the Land Board.</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The CAA includes contractually established priorities which call for payments to CAA holders in order of their priority. This means that the first payees
          receive their full payment before the next priority level receives any payment and so on until full repayment. Of the next approximately $6.5 million of Export Water payouts, which based on current payout levels would occur over several years,
          the Company will receive approximately $5.7 million of revenue. Thereafter, the Company will be entitled to all but approximately $220,000 of the proceeds from the sale of Export Water after deduction of the Land Board royalty.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>WISE Partnership</u></font></font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">In December 2014, the Company, through the Rangeview District, consented to the waiver of all contingencies set forth in the Amended and Restated WISE
          Partnership &#8211; Water Delivery Agreement, dated December 31, 2013 (the &#8220;WISE Partnership Agreement&#8221;), among the City and County of Denver acting through its Board of Water Commissioners (&#8220;Denver Water&#8221;), the City of Aurora acting by and through its
          Utility Enterprise (&#8220;Aurora Water&#8221;), and the South Metro WISE Authority (&#8220;SMWA&#8221;). The SMWA was formed by the Rangeview 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 &#8220;SM IGA&#8221;), to enable the members of SMWA to participate in the regional water supply project known as the Water Infrastructure Supply Efficiency partnership (&#8220;WISE&#8221;)
          created by the WISE Partnership Agreement. The SM IGA specifies each member&#8217;s pro rata share of WISE and the members&#8217; 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></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">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 &#8220;WISE Financing Agreement&#8221;) between the Company and the Rangeview District, the Company has an agreement to fund the Rangeview District&#8217;s participation in WISE effective as of December 22, 2014. The Company&#8217;s cost
          of funding the Rangeview District&#8217;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 $6.8 million over the next five
          years. See further discussion in Note 6 <font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">&#8211;</font><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;"> Related Party Transactions.</font></font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Operating Lease</u></font></font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Effective as of February 2018, the Company entered into an operating lease for approximately 11,393 square feet of office and warehouse space. The lease
          has a three-year term with payments of $6,600 per month and an option to extend the primary lease term for a two-year period at a rate equal to a 12.5% increase over the primary base payments. The change in the lease costs is not material to the
          Company&#8217;s operations.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">NOTE 5 &#8211; SHAREHOLDERS&#8217; EQUITY</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Company maintains the 2014 Equity Incentive Plan (the &#8220;2014 Equity Plan&#8221;), which was approved by shareholders in January 2014 and became effective on
          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 of directors. The Company has reserved 1.6 million shares of common stock for
          issuance under the 2014 Equity Plan. The Company began awarding options under the 2014 Equity Plan in January 2015. Prior to the effective date of the 2014 Equity Plan, the Company granted stock awards to eligible participants under its 2004
          Incentive Plan (the &#8220;2004 Incentive Plan&#8221;), which expired on 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><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">16</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        <div style="width: 100%;" id="DSPFPageHeader"><a href="#INDEX"><font style="font-size: 8pt; font-style: italic;">Index</font></a><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;"><a href="#INDEX"><font style="font-size: 8pt;
                font-style: italic;"></font></a></font></div>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The following table summarizes the combined stock option activity for the 2004 Incentive Plan and 2014 Equity Plan for the <font style="font-size: 10pt;
            font-family: &quot;Times New Roman&quot;;">six</font> months ended <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">February 28, 2019</font>:</font></div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" id="z5fb28954ab7d46888fa2699e1a85c48d">

          <tr>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Number</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">of Options</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Weighted Average</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Exercise Price</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Weighted Average</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Remaining</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Contractual Term</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Approximate</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Aggregate</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Intrinsic Value</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Outstanding at <font style="font-size: 10pt; font-family: 'Times New Roman';">August 31, 2018</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">535,500</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">5.31</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">6.04</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">3,180,990</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
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            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <tr>
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            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 4px; background-color: #CCEEFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Outstanding at <font style="font-size: 10pt; font-family: 'Times New Roman';">February 28, 2019</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">6.19</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">6.50</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">2,343,935</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 4px; background-color: #CCEEFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Options exercisable at <font style="font-size: 10pt; font-family: 'Times New Roman';">February 28, 2019</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">428,000</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">5.30</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">5.65</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">2,069,419</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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      <div><br>
      </div>
      <div style="text-align: left;">
        <div>
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                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(1)</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">Includes 50,000 shares granted to Mr. Harding on September 26, 2018 and 32,500 total shares granted to non-employee directors on January 16, 2019.</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
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      <div><br>
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      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" id="z6b97dd2669634a528b095ebbae0a7155">

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            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Number</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">of Options</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
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              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Weighted Average</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Grant Date</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Fair Value</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Non-vested options outstanding at <font style="font-size: 10pt; font-family: 'Times New Roman';">August
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
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            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">3.76</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 16.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Granted</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">82,500</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">4.60</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 16.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Vested</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(85,834</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">3.46</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #FFFFFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 16.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Forfeited</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Non-vested options outstanding at <font style="font-size: 10pt; font-family: 'Times New Roman';">February
                    28, 2019</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">152,499</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">4.03</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">All non-vested options are expected to vest.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Stock-based compensation expense was $58,200 and $77,400 for the three months ended <font style="font-size: 10pt; font-family: &quot;Times New
            Roman&quot;;">February 28, 2019</font> and <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">2018</font>, respectively.&#160; Stock-based compensation expense was $161,700 and $157,600 for the six months ended February 28,
          2019 and 2018, respectively.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">At <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">February 28, 2019</font>, the Company had unrecognized compensation expenses
          totaling $458,512 relating to non-vested options that are expected to vest. The weighted-average period over which these options are expected to vest is approximately two years.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">NOTE 6 &#8211; RELATED PARTY TRANSACTIONS</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Rangeview 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 Rangeview District is governed by an elected board of directors. Eligible voters and persons eligible to serve as a director of the Rangeview District must own an interest in
          property within the boundaries of the Rangeview District. The Company owns certain rights and real property interests which encompass the current boundaries of the Rangeview District. Sky Ranch Metropolitan District Nos. 1, 3, 4 and 5
          (collectively, the &#8220;Sky Ranch Districts&#8221;) and the CAB are quasi-municipal corporations and political subdivisions of Colorado formed for the purpose of providing service to the Company&#8217;s Sky Ranch property. The current members of the board of
          directors of each of the Rangeview District, the Sky Ranch Districts and the CAB consist of three employees of the Company and one independent board member.</font></div>
      <div><br>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>The Rangeview District</u></font></font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">On December 16, 2009, the Company entered into a Participation Agreement with the Rangeview District, whereby the Company agreed to provide funding to
          the Rangeview District in connection with the Rangeview District joining the South Metro Water Supply Authority (&#8220;SMWSA&#8221;). The Company provides funding pursuant to the Participation Agreement annually with $22,200 and $198,200 being provided
          during fiscal years <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">2019</font> and <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">2018</font>, respectively.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Through the WISE Financing Agreement, the Company agreed to fund the Rangeview District&#8217;s cost of participating in the regional water supply project
          known as the WISE partnership. The Company anticipates spending approximately $6.8 million over the next five fiscal years to fund the Rangeview 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. To date, the Company has capitalized the funding provided pursuant to the WISE Financing Agreement because the funding has been provided to purchase capacity in
          the WISE infrastructure. The Company&#8217;s total investment in the WISE assets as of <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">February 28, 2019</font>, is approximately $3.2 million.</font></div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">17</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        <div style="width: 100%;" id="DSPFPageHeader"><a href="#INDEX"><font style="font-size: 8pt; font-style: italic;">Index</font></a><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;"><a href="#INDEX"><font style="font-size: 8pt;
                font-style: italic;"></font></a></font></div>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">In 1995, the Company extended a loan to the Rangeview District. The loan provided for borrowings of up to $250,000, is unsecured, and bears interest
          based on the prevailing prime rate plus 2% (6.75% at <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">February 28, 2019</font>). The maturity date of the loan is December 31, 2020. In January 2014, the Rangeview District
          and the Company entered into a funding agreement that allows the Company to continue to provide funding to the Rangeview 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. The $917,800 balance of the notes receivable at <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">February
            28, 2019</font>, includes borrowings of $512,400 and accrued interest of $405,400.</font></div>
      <div><br>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Sky Ranch Metropolitan Districts No. 1, 3, 4 and 5</u></font></font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Company has been providing funding to the Sky Ranch Districts. In each year since 2012, the Company entered into an Operation Funding Agreement with
          one of the Sky Ranch Districts, obligating the Company to advance funding to the Sky Ranch District for operations and maintenance expenses for the then-current calendar year. All payments were subject to annual appropriations by the Sky Ranch
          District in its absolute discretion. The advances by the Company accrued interest at a rate of 8% per annum from the date of the advance. The Operation Funding Agreements have been superseded by the 2018 FFAA as described below.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">In November 2014, but effective as of January 1, 2014, the Company entered into a Facilities Funding and Acquisition Agreement with a Sky Ranch District
          obligating the Company to either finance district improvements or to construct improvements on behalf of the Sky Ranch District subject to reimbursement. Improvements subject to this agreement were determined pursuant to a mutually agreed upon
          budget. Each year in September, the parties were to mutually determine the improvements required for the following year and finalize a budget by the end of October. Each advance or reimbursable expense accrued interest at a rate of 6% per annum.
          Upon the Sky Ranch District&#8217;s ratification of the advances and related expenditures, the amount was reclassified as long-term and is recorded as part of <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Notes
            receivable &#8211; related parties</font>. As of November 30, 2017, the Sky Ranch Districts repaid all advances plus accrued interest totaling $215,504, and as of February 28, 2019 and 2018, there was no outstanding balance on the receivable.&#160; The
          Facilities Funding and Acquisition Agreement has been superseded by the 2018 FFAA as described below.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Sky Ranch Community Authority Board</u></font></font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Pursuant to that certain Community Authority Board Establishment Agreement, as the same may be amended from time to time, Sky Ranch Metropolitan District
          Nos. 1 and 5 formed the CAB to, among other things, design, construct, finance, operate and maintain certain public improvements for the benefit of the property within the boundaries and/or service area of the Sky Ranch Districts. In order for
          the public improvements to be constructed and/or acquired, it is necessary for each Sky Ranch District, directly or through the CAB, to be able to fund the improvements and pay its ongoing operations and maintenance expenses related to the
          provision of services that benefit the property. In November 2017, but effective as of January 1, 2018, the Company entered into a Project Funding and Reimbursement Agreement (the &#8220;PF Agreement&#8221;) with the CAB for the Sky Ranch property.
          Improvements subject to the PF Agreement were determined pursuant to a mutually agreed upon budget. Pursuant to the PF Agreement, each advance or reimbursable expense accrued interest at a rate of 6% per annum.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">On September 18, 2018, the parties entered into a series of agreements, including a Facilities Funding and Acquisition Agreement with an effective date
          of November 13, 2017 (the &#8220;2018 FFAA&#8221;), which supersedes and consolidates the previous agreements pursuant to which</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zd504b660e49a47d5856e90e213dc0fa9" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9679;</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">the CAB agreed to repay the amounts owed by Sky Ranch Metropolitan District No. 5 to the Company, and the previous Facilities Funding and Acquisition Agreement entered
                      into between the Company and Sky Ranch Metropolitan District No. 5 in 2014 was terminated;</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zb69cb540cd3f4e98bda896c9b1200867" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9679;</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">the PF Agreement and a June 2018 Funding Acquisition Agreement between the CAB and the Company were terminated;</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z14ec7c26cbb04368b4c775d8939583ae" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9679;</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">the CAB acknowledged all amounts owed to the Company under the terminated agreements, as well as amounts the Company incurred to finance the formation of the CAB; and</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z7c49b11314094882a84bcdf262b1e82f" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9679;</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">the Company agreed to fund an agreed upon list of improvements to be constructed by the CAB with an estimated cost of $30,000,000 (including improvements already funded)
                      on an as-needed basis for calendar years 2018&#8211;2023.</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">All amounts owed under the 2018 FFAA bear interest at a rate of 6% per annum. No payment is required of the CAB for advances made to the CAB or expenses
          incurred related to construction of improvements unless and until the CAB and/or Sky Ranch Districts issue bonds in an amount sufficient to reimburse the Company for all or a portion of advances or other expenses incurred. The CAB agrees to
          exercise reasonable efforts to issue bonds to reimburse the Company subject to certain limitations. In addition, the CAB agrees to utilize any available moneys not otherwise pledged to payment of debt, used for operation and maintenance expenses,
          or otherwise encumbered, to reimburse the Company. Any advances not paid or reimbursed by the CAB by December 31, 2058, shall be deemed forever discharged and satisfied in full.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">As of <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">February 28, 2019</font>, the balance of the Company&#8217;s advances to the
          CAB plus accrued interest totaled $11.5 million, which is included in Inventories or expensed through lot fee construction costs of revenues. The advances have been used by the CAB to pay for construction of improvements. In the event the CAB
          issues municipal bonds and reimburses the Company, the reimbursement will be recorded as a reduction to Inventories or if the sale process of the finished lots has been completed, as a gain from the sale of municipal bond securities.</font></div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">18</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        <div style="width: 100%;" id="DSPFPageHeader"><a href="#INDEX"><font style="font-size: 8pt; font-style: italic;">Index</font></a><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;"><a href="#INDEX"><font style="font-size: 8pt;
                font-style: italic;"></font></a></font></div>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">NOTE 7 &#8211; SIGNIFICANT CUSTOMERS</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Water and Wastewater</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Pursuant to the Rangeview Water Agreements (as defined in Note 4 &#8211; <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Water










            and Land Assets</font> in Part II, Item 8 of the 2018 Annual Report) and the Export Service Agreement entered into with the Rangeview District dated June 16, 2017, the Company provides water and wastewater services on the Rangeview District&#8217;s
          behalf to the Rangeview District&#8217;s customers. Sales to the Rangeview District accounted for 20% and 4% of the Company&#8217;s total water and wastewater revenues for the three months ended <font style="font-size: 10pt; font-family: &quot;Times New
            Roman&quot;;">February 28, 2019</font> and <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">2018</font>, respectively. Sales to the Rangeview District accounted for 7% and 5% of the Company&#8217;s total water and wastewater
          revenues for the six months ended <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">February 28, 2019</font> and <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">2018</font>, respectively. The
          Rangeview District has one significant customer, the Ridgeview Youth Services Center. The Rangeview District&#8217;s significant customer accounted for 16% and 4% of the Company&#8217;s total water and wastewater revenues for the three months ended <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">February 28, 2019</font> and <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">2018</font>, respectively, and 5% and 4% for the six months ended February
          28, 2019 and 2018, respectively.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Revenues from two other customers represented approximately 52% and 21%, respectively, of the Company&#8217;s water and wastewater revenues for the three
          months ended <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">February 28, 2019</font>. These two customers are in the oil and gas industry. Revenues from two other customers represented approximately 58% and 36%,
          respectively, of the Company&#8217;s water and wastewater revenues for the three months ended <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">February 28, 2018</font>. These customers are in the oil and gas industry. Revenues
          from two other customers represented approximately 43% and 48%, respectively, of the Company&#8217;s water and wastewater revenues for the six months ended <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">February 28, 2019</font>.
          These two customers are in the oil and gas industry. Revenues from three other customers represented approximately 57%, 20% and 17%, respectively, of the Company&#8217;s water and wastewater revenues for the six months ended <font style="font-size:
            10pt; font-family: &quot;Times New Roman&quot;;">February 28, 2018</font>. These customers are in the oil and gas industry.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Land Development</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Revenues from three customers represented 100% of the Company&#8217;s land development revenues for the three months ended February 28, 2019. The three
          customers represented 58%, 27% and 15%, respectively, of the Company&#8217;s land development revenues for the three months ended February 28, 2019. Revenues from three customers represented 100% of the Company&#8217;s land development revenues for the six
          months ended February 28, 2019. The three customers represented 61%, 30% and 9%, respectively, of the Company&#8217;s land development revenues for the six months ended February 28, 2019. No revenues were recognized from the Company&#8217;s land development
          activities for the three or six months ended February 28, 2018.</font></div>
      <div><br>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Accounts Receivable</u></font></font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Company had accounts receivable from the Rangeview District which accounted for 58% and 3% of the Company&#8217;s trade receivables balances at February
          28, 2019 and August 31, 2018, respectively. The Company had accounts receivable from one other customer of approximately 16% at February 28, 2019. The Company had accounts receivable from two other customers of approximately 43% and 30%,
          respectively, at August 31, 2018. Accounts receivable from the Rangeview District&#8217;s largest customer accounted for 11% and 2% of the Company&#8217;s water and wastewater trade receivables as of February 28, 2019 and August 31, 2018, respectively. Of
          the trade receivables from the Rangeview District as of February 28, 2019, approximately 82% is related to water tap sales and 18% is related to water and wastewater service sales.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">NOTE 8 &#8211; ACCRUED LIABILITIES</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">At <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">February 28, 2019</font>, the Company had accrued liabilities of $2,065,400,
          of which $25,000 was for estimated property taxes, $45,000 was for professional fees, and $1,995,400 was for operating payables, of which $1,932,100 is payable to the CAB for the development of Sky Ranch.&#160; These costs are also included in
          Inventories or expensed through lot fee construction costs of revenue.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">At <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">August 31, 2018</font>, the Company had accrued liabilities of $849,500, of
          which $400,000 was for accrued compensation, $29,000 was for estimated property taxes, $59,000 was for professional fees and the remaining $361,500 was related to operating payables.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">NOTE 9 &#8211; COMMITMENTS AND CONTINGENCIES</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">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&#8217;s
          financial position, results of operations or cash flows. The Company had no contingencies where the risk of loss was reasonably possible as of <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">February 28, 2019</font> or <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">August 31, 2018</font>.</font></div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">19</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        <div style="width: 100%;" id="DSPFPageHeader"><a href="#INDEX"><font style="font-size: 8pt; font-style: italic;">Index</font></a><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;"><a href="#INDEX"><font style="font-size: 8pt;
                font-style: italic;"></font></a></font></div>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">NOTE 10 &#8211; SEGMENT INFORMATION</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">An operating segment is defined as a component of an enterprise for which discrete financial information is available and is reviewed regularly by the
          Chief Operating Decision Maker (the &#8220;CODM&#8221;), or decision-making group, to evaluate performance and make operating decisions. The Company has identified its CODM as the Chief Executive Officer.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">During the year 2018, the Company began construction of lots at Sky Ranch, which the Company has identified as a segment. Currently, the Company operates
          its wholesale water and wastewater services segment and land development activities at Sky Ranch as its two lines of business.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The wholesale water and wastewater services business includes selling water service to customers, which water is 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><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">As part of the Company&#8217;s land development activities at Sky Ranch, the Company entered into contracts for the sale of lots (see Note 2 &#8211; <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Summary of Significant Accounting Policies in Part II, Item 8 of the 2018 Annual Report</font>). The Company identified land development and lot sales as a separate
          segment beginning in the fiscal year 2018.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Oil and gas royalties and licenses are a passive activity and not an operating business activity and, therefore, are not classified as a segment.</font></div>
      <div><br>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The following table summarizes wholesale water and wastewater services and land development revenue information by segment:</font></div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" id="z6dadeacc2d0b471c966f97d5f3bbd501">

          <tr>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="6">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Three Months Ended February 28,</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="6">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Six Month Ended February 28</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"> 2019</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';">2018</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"> 2019</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"> 2018</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Wholesale water and wastewater services</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">684,038</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">844,661</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">2,375,391</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">1,854,793</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: #FFFFFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Land development activities</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">1,946,381</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">3,327,577</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">-</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 4px; background-color: #CCEEFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Total revenues</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">2,630,419</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">844,661</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">5,702,968</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">1,854,793</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The following table summarizes wholesale water and wastewater services and land development pretax income by segment:</font></div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" id="z1732eb40f8b84c139358bd79a9448c2d">

          <tr>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="6">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Three Months Ended February 28,</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="6">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Six Months Ended February 28,</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> 2019</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';">2018</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"> 2019</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"> 2018</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Wholesale water and wastewater services</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">257,509</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">564,924</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">1,420,582</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">1,080,204</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Land development activities</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">116,783</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">199,655</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">-</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Corporate</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(470,317</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(464,762</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(1,082,290</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(1,076,653</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 4px; background-color: #FFFFFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Total pretax income (loss)</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(96,025</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">100,162</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">537,947</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">3,551</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The following table summarizes total assets for the Company&#8217;s wholesale water and wastewater services business and land development business by segment.&#160;
          The assets consist of water rights and water and wastewater systems in the Company&#8217;s wholesale water and wastewater services segment. The assets consist of land, inventories and deposits in the Company&#8217;s land development segment.&#160; The Company&#8217;s
          other assets primarily consist of cash and cash equivalents, equipment, mineral rights, related party notes receivables and a deferred tax asset.</font></div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" id="z4a71460bb6c34019880ef5d64e5239da">

          <tr>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';">February 28, 2019</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';">August 31, 2018</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Wholesale water and wastewater services</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">41,993,268</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">36,721,884</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Land development activities</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">16,732,957</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">9,497,106</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Corporate</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">15,619,708</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">25,687,625</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: #FFFFFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Total assets</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">74,345,933</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">71,906,615</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">20</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        <div style="width: 100%;" id="DSPFPageHeader"><a href="#INDEX"><font style="font-size: 8pt; font-style: italic;">Index</font></a><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;"><a href="#INDEX"><font style="font-size: 8pt;
                font-style: italic;"></font></a></font></div>
      </div>
      <div style="text-align: left;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z99abe9148bc74339aec5e02a14f27e34" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 36pt; vertical-align: top;"><a name="Item2."><!--Anchor--></a><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Item 2.</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">OVERVIEW</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; 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 &#8220;Risk Factors&#8221; in our Annual Report on Form 10-K, that could cause our actual growth, results of operations, performance, financial position and business prospects and opportunities for this fiscal year and periods
          that follow to differ materially from those expressed in or implied by those forward-looking statements. Readers are cautioned that forward-looking statements contained in this Quarterly Report on Form 10-Q should be read in conjunction with our
          disclosure under the heading &#8220;Disclosure Regarding Forward-Looking Statements&#8221; below.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The following Management&#8217;s Discussion and Analysis (&#8220;MD&amp;A&#8221;) is intended to help the reader understand our results of operations and financial
          condition and should be read in conjunction with the accompanying consolidated financial statements and the notes thereto and the financial statements and the notes thereto contained in our Annual Report on Form 10-K for the fiscal year ended <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">August 31, 2018</font> (the &#8220;2018 Annual Report&#8221;). This section focuses on the key indicators reviewed by management in evaluating our financial condition and operating
          performance, including the following:</font></div>
      <div><br>
      </div>
      <div style="text-align: left;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zc407cd624ce54a5491273f321b0a7bd0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9679;</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">Revenue generated from providing water and wastewater services;</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: left;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zfc47605de3cc4babb0ee8bc65e0aa33f" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9679;</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">Expenses associated with developing our water and land assets;</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: left;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z59b87bbb9b594ad3ac12885000c8c6e7" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9679;</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">Revenue from lot sales at Sky Ranch;</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: left;">
        <div>
          <table cellspacing="0" cellpadding="0" id="ze8a9ad4bbc984113a31b70b454e0e9e3" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9679;</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">Expenses associated with developing lots at Sky Ranch; and</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: left;">
        <div>
          <table cellspacing="0" cellpadding="0" id="za384b6e931ab41189dc60f2e8deab947" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9679;</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">Cash available to continue development of our land, water rights and service agreements.</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Our MD&amp;A section includes the following items:</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Our Business</u></font><font style="font-size: 10pt; font-family: 'Times New Roman';
            font-weight: bold; font-style: italic;"> &#8211; </font>a general description of our business, our services and our business strategy.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Results of Operations</u></font> &#8211; an<font style="font-size: 10pt; font-family: 'Times
            New Roman'; font-weight: bold;">&#160;</font>analysis of our results of operations for the periods presented in our consolidated financial statements. We present our discussion in the MD&amp;A in conjunction with the accompanying financial
          statements.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Liquidity, Capital Resources and Financial Position</u></font><font style="font-size:
            10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"> &#8211; </font>an analysis of our cash position and cash flows, as well as a discussion of our financial obligations.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Critical Accounting Policies and Use of Estimates</u></font><font style="font-size:
            10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"> &#8211; </font>a discussion of our critical accounting policies that require critical judgments, assumptions and estimates.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Our Business</u></font></font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Pure Cycle Corporation (&#8220;we,&#8221; &#8220;us,&#8221; or &#8220;our&#8221;) is a Colorado corporation developing its water and land resources.&#160; We develop wholesale water and
          wastewater systems in the water short Denver metropolitan area and are developing a Master Planned Community on approximately 1,000 acres of land located along the Interstate 70 corridor (&#8220;I-70&#8221;), approximately four miles south of Denver
          International Airport ("DIA").&#160; The Company has accumulated valuable water and land interests over the past 30 years and has developed an extensive network of wholesale water production, storage, treatment, and distribution systems, and
          wastewater collection and treatment systems which serve domestic, commercial and industrial customers in the Denver metropolitan region.&#160; Our land assets are located in one of the most active development areas in the Denver metropolitan region
          along I-70.&#160; Our operations are focused in two business segments: (i) providing wholesale water and wastewater services, and (ii) serving as the Master Plan developer for approximately 1,000 acres of land known as Sky Ranch, which includes a mix
          of 4,000 single-family and multifamily residential units and over 2 million square feet of commercial, retail, and industrial uses.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Wholesale Water and Wastewater</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Water resources throughout the western United States and more prominently in Colorado are a scarce and valuable resource.&#160; The Company owns or
          controls a portfolio of approximately 28,700 acre feet of groundwater and surface water supplies, approximately 26,000 acre feet of adjudicated reservoir sites, two wastewater reclamation facilities, water treatment facilities, potable and raw
          water storage facilities, wells and water production facilities, and nearly 50 miles of water distribution and wastewater collection lines.&#160; Our water supplies and wholesale facilities are located in southeast Denver, in Arapahoe County, an area
          which is limited in both water availability and infrastructure to produce, treat, store, and distribute water and wastewater, which we believe provides us with a unique competitive advantage offering these services.</font></div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">21</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        <div style="width: 100%;" id="DSPFPageHeader"><a href="#INDEX"><font style="font-size: 8pt; font-style: italic;">Index</font></a><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;"><a href="#INDEX"><font style="font-size: 8pt;
                font-style: italic;"></font></a></font></div>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">We provide wholesale water and wastewater service to local governments, including the Rangeview Metropolitan District (the &#8220;Rangeview
          District&#8221;), Arapahoe County, the Sky Ranch Community Authority Board (the &#8220;CAB&#8221;), and the Elbert &amp; Highway 86 Commercial District (&#8220;Wild Pointe&#8221;).&#160; Our mission is to provide reliable, high quality water to our customers and collect and treat
          wastewater using advance water treatment systems, which produce high quality reclaimed water we can reuse for outdoor irrigation and industrial demands. By using and reusing our water supplies, we seek to demonstrate good stewardship over our
          valuable water rights in the water scarce Denver, Colorado region.&#160; We design, permit, construct, operate and maintain wholesale water and wastewater systems that we own or operate on behalf of governmental entities.&#160; We also design, permit,
          construct, operate and maintain retail distribution and collection systems that we own or operate on behalf of our governmental customers.&#160;&#160; Additionally, we handle administrative functions, including meter reading, billing and collection of
          monthly water and wastewater revenues, regulatory water quality monitoring, sampling, testing, and reporting requirements to the Colorado Department of Public Health and Environment.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Our utility segment generates revenues from three sources: (i) tap fees, which are a one-time charge to home builders or businesses to connect
          to our water and wastewater systems, (ii) usage charges, which are monthly metered water and wastewater fees, and (iii) construction or special facility fees, which are specifically contracted for when necessary.&#160; Our water portfolio can provide
          service to approximately 60,000 single family connections (&#8220;SFE&#8221;).&#160; Our current water tap fee is $26,675 per SFE, and our wastewater tap fee is $4,659 per SFE.&#160; On average, we generate annual revenue of approximately $1,000 per SFE water
          connection and $500 per SFE wastewater connection.&#160; We provide domestic water to nearly 400 SFE connections and domestic wastewater to approximately 160 SFEs.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">In addition to our domestic customers, we provide raw water to industrial customers in the oil and gas industry for hydraulic fracturing.&#160; Both
          our domestic and industrial water customers are located in southeastern Denver where competing water and water systems are limited, well positioning us to deliver these valuable services to our customers.&#160; Growth in the Denver area has trended
          east with significant activity occurring along the I-70 corridor, which enjoys rail access and excellent transportation infrastructure with I-70 and DIA.&#160; The region has significant employment centers, including DIA, University of Colorado
          Anschutz Medical Campus, Amazon Fulfillment Center, Rocky Mountain Regional VA Medical Center, and more creating demand for residential, retail, and commercial development opportunities.&#160; The region has experienced significant oil and gas
          activity over the past seven years with multiple operators leasing more than 135,000 acres in and adjacent to our service area with more than 100 wells and miles of oil and gas collection lines.&#160; The Company believes its water resources, land and
          infrastructure are located in one of the most attractive areas of the Denver metropolitan region, because it is well positioned for substantial growth over the next 30 years.</font></div>
      <div><br>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Land Development</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">We are developing an approximately 950-acre Master Planned Community along the I-70 corridor that will include some 4,000 single family and
          multifamily homes, parks, open spaces, trails, recreational centers, schools, and over 2 million square feet of retail, commercial and light industrial space just four miles south of DIA.&#160; Our land development activities include the design,
          permitting, and construction of all of the horizontal infrastructure, including, storm water, drainage, roads, curb, sidewalks, parks, open space, trails and other infrastructure to deliver &#8220;ready to build&#8221; finished lots to home builders and
          commercial customers. Our land development activities generate revenue from the sale of finished lots as well as construction revenues from activities where we construct infrastructure on behalf of others.&#160; Revenues come from our home builder
          customers under specific agreements for the delivery of finished lots as well as reimbursements for the construction of public improvements, such as roads, curbs, storm water, drainage, sidewalks, parks, open space, trails etc., which come from
          the local governmental entity, the CAB.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">We began construction of our first phase of 506 detached, single-family lots in March 2018 and delivered 12 model home lots to our three
          national home builders (Richmond American Homes, Taylor Morrison, and KB Home) in January 2019.&#160; We have completed overlot grading for all 506 lots, installed wet utilities for more than 150 lots, and are completing other improvements (e.g.,
          electric, gas, cable, lighting, roads, curb, gutters) to deliver in or around early spring 2019 the first 150 finished lots to our homebuilders.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Our land development activities provide a strategic complement to our water utility segment as a significant component of any master planned
          community is providing high quality domestic water, irrigation water, and wastewater service to the community.&#160; Having control over land and utility development enables us to build infrastructure for water, irrigation, wastewater, distribution,
          collection, storm water, roads, parks, open spaces and other investments efficiently, managing delivery of these investments to match take-down commitments from our home builders without significant excess capacity in any of these investments.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">In June 2017, we entered into purchase and sale agreements (collectively, the &#8220;Purchase and Sale Contracts&#8221;) with three separate home builders
          pursuant to which we agreed to sell, and each builder agreed to purchase, 506 total single-family, detached residential lots at the Sky Ranch property. In March 2018, we began construction of finished lots at Sky Ranch. In July 2018, we obtained
          final approval of the entitlements for the property and achieved the first payment milestone for the sale of 150 platted lots to two of our builders. We received the first milestone payment of $2,500,000, and the builders posted letters of credit
          for an additional $7,775,000. We are working to complete construction of finished lots in fiscal year 2019. During the six months ended February 28, 2019, the first additional payment from these two builders, in the amount of $4,121,800, was
          distributed to us from the escrowed funds when we&#160; completed construction of wet utilities. The final payment will be distributed upon completion of finished lots. Additionally, we received a payment from our third builder of $300,000 during the
          six months ended February 28, 2019, upon completion of four finished lots and will continue to receive payments as the finished lots are completed.</font></div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">22</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        <div style="width: 100%;" id="DSPFPageHeader"><a href="#INDEX"><font style="font-size: 8pt; font-style: italic;">Index</font></a><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;"><a href="#INDEX"><font style="font-size: 8pt;
                font-style: italic;"></font></a></font></div>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">We are obligated, pursuant to the Purchase and Sale Contracts, or separate Lot Development Agreements (the &#8220;Lot Development Agreements&#8221; and, together
          with the Purchase and Sale Contracts, the &#8220;Builder Contracts&#8221;), to construct infrastructure and other improvements, such as roads, curbs and gutters, park amenities, sidewalks, street and traffic signs, water and sanitary sewer mains and stubs,
          storm water management facilities, and lot grading improvements for delivery of finished lots to each builder. Pursuant to the Builder Contracts, we must cause the Rangeview District to install and construct off-site infrastructure improvements
          (i.e., a wastewater reclamation facility and wholesale water facilities) for the provision of water and wastewater service to the property. In conjunction with approvals from Arapahoe County for the Sky Ranch project, we and/or the Rangeview
          District and Sky Ranch Metropolitan District Nos. 1, 3, 4 and 5, quasi-municipal corporations and political subdivisions of Colorado formed to provide service to the Sky Ranch property (collectively the &#8220;Sky Ranch Districts&#8221;), are obligated to
          deposit into an account the anticipated costs to install and construct substantially all the off-site infrastructure improvements (which include drainage and storm water retention ponds and an entry roadway). The Rangeview and Sky Ranch off-site
          infrastructure improvements are estimated to cost approximately $10.2 million. We finance the obligations of the Rangeview District and the Sky Ranch Districts (through the CAB) as described in Note 6 &#8211; <font style="font-size: 10pt; font-family:
            'Times New Roman'; font-style: italic;">Related Party Transactions </font>to the accompanying consolidated financial statements.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">We estimate that the development of the finished lots for the first phase (506 lots) of Sky Ranch will require total capital of approximately $35
          million, which includes estimated reimbursable costs of approximately of $27 million that will be reimbursable to us by the CAB from the sale of municipal bonds. Lot sales to home builders will generate approximately $36 million in revenues,
          providing a margin on lots of approximately $1 million prior to receipt of reimbursable expenses, as discussed above. The Company and the CAB have agreed that no payment is required by the CAB with respect to reimbursable costs unless and until
          the CAB and/or the Sky Ranch Districts issue municipal bonds in an amount sufficient to reimburse us for all or a portion of advances provided or expenses incurred for reimbursables. Due to this contingency, the reimbursable costs will be
          included in lot development capitalized costs until the point in time when bonding is obtained. At that point, all reimbursable costs will be recorded as a note receivable and will reduce any remaining reimbursable capitalized costs. Any excess
          will be recognized as a gain from the sale of municipal bond securities. The costs of developing lots and revenues from the sales of finished lots are expected to be incurred over several quarters and the timing of cash flows will include certain
          milestone deliveries, including, but not limited to, completion of governmental approvals, installation of improvements, and completion of lot deliveries.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Results of Operations</u></font></font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Executive Summary</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The results of our operations for the three and <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">six</font> nine months ended <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">February 28, 2019</font> and <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">2018</font> are as follows:</font></div>
      <div><br>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Table 1a - Summary of Results of Operations</font></div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" id="zb470a0205ad0454f8c259362b0378ddc">

          <tr>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="6">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Three Months Ended February 28,</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> 2019</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';">2018</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">$ Change</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">% Change</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255);">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Millions of gallons of water delivered</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">13.8</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">62.7</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(48.9</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(78</font></font><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt;
                    font-family: 'Times New Roman';">)</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">%</font></font></div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Metered water usage revenues</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">159,000</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">803,800</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(644,800</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(80</font></font><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt;
                    font-family: 'Times New Roman';">)</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">%</font></font></div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255);">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Operating costs to deliver water (excluding depreciation and depletion)</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">229,600</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">136,800</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">92,800</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">68</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">%</font></font></div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 16.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Water delivery gross margin %</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(44</font></font><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt;
                    font-family: 'Times New Roman';">)</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">%</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">83</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">%</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(1,800</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(19</font></font><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt;
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">%</font></font></div>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255);">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Operating costs to treat wastewater</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">8,700</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(4,000</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(46</font></font><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt;
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">%</font></font></div>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 16.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Wastewater treatment gross margin %</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">37</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">%</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">6</font></font></div>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">%</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Lot fee revenue</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">1,946,400</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">1,946,400</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">100</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">%</font></font></div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255);">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Lot fee construction costs incurred</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">1,829,600</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">1,829,600</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">100</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">%</font></font></div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 16.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Lot fee gross margin %</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">6</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">%</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255);">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Other income</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">50,400</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">31,600</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">18,800</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">59</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">%</font></font></div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Other income costs incurred</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">31,100</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">24,100</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">7,000</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">29</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">%</font></font></div>
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          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255);">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 16.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Other income gross margin %</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">38</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">%</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">24</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">%</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255);">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Tap and Special Facility revenues</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">467,100</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">467,100</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">100</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">%</font></font></div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255);">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">General and administrative expenses</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">559,600</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">519,600</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">40,000</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">8</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">%</font></font></div>
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          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Net income (loss)</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(96,000</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">100,200</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(196,200</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(196</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)%</font></font></div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">23</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        <div style="width: 100%;" id="DSPFPageHeader"><a href="#INDEX"><font style="font-size: 8pt; font-style: italic;">Index</font></a><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;"><a href="#INDEX"><font style="font-size: 8pt;
                font-style: italic;"></font></a></font></div>
      </div>
      <div>
        <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Table 1b - Summary of Results of Operations</font></div>
        <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"> <br>
          </font></div>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" id="zfb5758686bac49869647484df2261b11">

          <tr>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="6">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Six Months Ended February 28,</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> 2019</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';">2018</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">$ Change</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">% Change</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255);">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Millions of gallons of water delivered</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">135.4</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">140.2</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(4.8</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(3)</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">%</font></font></div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Metered water usage revenues</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">1,526,900</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">1,726,300</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(199,400</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(12</font></font><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt;
                    font-family: 'Times New Roman';">)</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">%</font></font></div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255);">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Operating costs to deliver water (excluding depreciation and depletion)</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">564,800</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">488,600</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">76,200</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">16</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
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            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">72</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">20,500</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(4,100</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(20</font></font><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt;
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">%</font></font></div>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255);">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Operating costs to treat wastewater</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">14,700</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 16.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Wastewater treatment gross margin %</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">55</font></font></div>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">%</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">28</font></font></div>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">%</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Lot fee revenue</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">3,327,600</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">100</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">%</font></font></div>
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          </tr>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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          <tr>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Other income costs incurred</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">70,300</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">40,600</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <div style="text-align: left; text-indent: -7.2pt; margin-left: 16.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Other income gross margin %</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">36</font></font></div>
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            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">30</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">%</font></font></div>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">General and administrative expenses</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">1,198,400</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">1,180,600</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">17,800</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">2</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">%</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Net income</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">537,900</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">3,500</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">534,400</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">15,269</font></font></div>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">%</font></font></div>
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      </table>
      <div><br>
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      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Changes in Revenues</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Metered</font><font style="font-size: 10pt;
            font-family: 'Times New Roman'; font-weight: bold;">&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Water Usage Revenues &#8211; </font>Our water service charges, which are used to defray
          the costs to operate and maintain the systems, include a fixed monthly fee and a fee based on actual amounts of metered water delivered, which is based on a tiered pricing structure that provides for higher prices as customers use greater amounts
          of water. We typically negotiate the terms of our rates and charges with our wholesale customers as a component of our service agreements prior to commencement of service. Our rates and charges for service on the Lowry Range are based on the
          average rates and charges of three surrounding water providers.</font></div>
      <div><br>
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      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Water deliveries decreased 78% and water revenues decreased 80% during the three months ended <font style="font-size: 10pt; font-family: &quot;Times New
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          decrease in demand of water for oil and gas operations, which is used primarily to frack wells drilled in the Niobrara formation. Water deliveries decreased 3% and water revenues decreased 12% during the <font style="font-size: 10pt;
            font-family: &quot;Times New Roman&quot;;">six</font> months ended <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">February 28, 2019</font>, as compared to the <font style="font-size: 10pt; font-family: &quot;Times
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          current six-month period compared to the prior corresponding period. Increases and decreases in water deliveries charged at different rates will result in disproportionate increases and decreases in revenues. The following tables detail the
          sources of our sales, the number of kgal (1,000 gallons) sold, and the average price per kgal for the <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">three and six months</font> ended <font style="font-size: 10pt;
            font-family: &quot;Times New Roman&quot;;">February 28, 2019</font> and <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">2018</font>, respectively.</font></div>
      <div><br>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Table 2a - Water Revenue Summary</font></div>
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            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="22">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Three Months Ended February 28,</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="10">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> 2019</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="10">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';">2018</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><u><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">Customer Type</font></font></u></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Sales</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">kgal</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Average price per kgal</font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Sales</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">kgal</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Average price per kgal</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 28%; background-color: #CCEEFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">On Site</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">26,400</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">2,745.5</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">9.62</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">25,900</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">1,967.9</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">13.16</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 28%; background-color: #FFFFFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Export - Commercial</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">5,300</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">148.5</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 28%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">13,754.2</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
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              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Six Months Ended February 28,</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="10">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> 2019</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
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              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';">2018</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
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              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">kgal</font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
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            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Sales</font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">kgal</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Export - Commercial</font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Wild Pointe (1)</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Fracking</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">13.10</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">1,599,400</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 28%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">1,726,300</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">147,418.3</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">11.71</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman';">(1) The three and six months ended February 28, 2018, include
            2,025.0 kgal and 7,174.8 kgal, respectively, for Wild Pointe for comparative purposes, amounts that are not included in the Form 10-Q for the quarter ended </font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">February









            28, 2018</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">.</font></font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">(2) The six months ended February 28, 2019, includes 7,086.7 kgal for On Site
            due to an adjustment to the three months ended November 30, 2018, that is not included in the Form 10-Q for the quarter ended November 30, 2018.</font></font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The gross (loss) margin on delivering water decreased to (44%) and 63% during the <font style="font-size: 10pt; font-family: &quot;Times New
            Roman&quot;;">three and six months</font> ended <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">February 28, 2019</font>, as compared to the gross margins of 83% and of 72% during the <font style="font-size: 10pt;
            font-family: &quot;Times New Roman&quot;;">three and six months</font> ended <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">February 28, 2018</font>, respectively. <font style="font-size: 10pt; font-family:
            &quot;Times New Roman&quot;;">The change in our gross margin for the three months ended February 28, 2019, was due to an increase of the amount of water purchased from &#8220;WISE&#8221; during the current period. See </font><font style="font-size: 10pt;
            font-family: &quot;Times New Roman&quot;; font-style: italic;">Liquidity, Capital Resources and Financial Position &#8211; South Metropolitan Water Supply Authority (&#8220;SMWSA&#8221;) and Water Infrastructure Supply Efficiency Partnership (&#8220;WISE&#8221;)</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"> for a description of WISE. </font>The change in our gross margin for the six months ended February 28, 2019, was due to decreased demand for water which resulted in less
          revenue to offset the fixed costs of the ECCV system (as defined under <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Liquidity, Capital Resources and Financial Position</font> below). Our cost associated with
          the use of the system without any production is a flat fee of $8,000 per month. In addition, the ECCV system costs us approximately $19,730 per month to maintain. We had less production through the ECCV system related to the oil and gas water
          deliveries for the <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">three and six months</font> ended <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">February 28, 2019</font>, which has
          negatively impacted our gross margin.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Wastewater Treatment Revenues &#8211; </font>Our
          wastewater customer is charged based on the estimated amount of wastewater treated. Wastewater fees decreased 19% and 20% during the <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">three and six months</font> ended <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">February 28, 2019</font>, respectively, as compared to the three and <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">six</font> months ended <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">February 28, 2018</font>, respectively. The decrease for the three months ended <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">February 28, 2019</font>,
          was due to timing of the wastewater processed through the system, and the decrease for the <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">six</font> months ended <font style="font-size: 10pt; font-family: &quot;Times
            New Roman&quot;;">February 28, 2019</font>, was primarily the result of lower demand from our only wastewater customer. Wastewater operating costs and gross margin fluctuate based on timing of expenses and regulatory requirements, but generally
          fluctuate consistent with demand.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Tap and Special Facility/Construction Revenues &#8211; </font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">We have various water and wastewater service agreements, a component of which may include tap fee and &#8220;Special Facility&#8221; (as defined under &#8220;Critical Accounting Policies &#8211;
            Revenue Recognition &#8211; Wholesale Water and Wastewater Fees&#8221; below) or construction fee revenues. For the three months ended </font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">February 28, 2019</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">, we sold 16 water and wastewater taps, recognizing revenues of $467,100. For the six months ended </font><font style="font-size: 10pt; font-family: &quot;Times New
            Roman&quot;;">February 28, 2019</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">, we sold 24 water and wastewater taps, recognizing revenues of $721,900. </font>We did not sell any water or wastewater taps during
          the three months ended <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">February 28, 2018</font>. We sold two tap fees during the <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">six</font> months
          ended <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">February 28, 2018</font>, recognizing revenues of $49,900. <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">The water and wastewater taps
            sold in the three and six months ended February 28, 2019, were sold to the builders at Sky Ranch and were exempt from royalty payments to the State of Colorado Board of Land Commissioners (the &#8220;Land Board&#8221;).</font></font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">We did not recognize Special Facility fees for the three or six months ended
            February 28, 2019 and 2018.</font></font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Other Income &#8211; </font>Other income of $50,400 and
          $31,600 for the three months ended <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">February 28, 2019</font> and <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">2018</font>, respectively, and
          other income of $110,200 and $58,000 for the <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">six</font> months ended <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">February 28, 2019</font> and
          <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">2018</font>, respectively, consisted principally of consulting fees. Consulting fees fluctuate from one period to the next based on our customers&#8217; needs.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold; font-style: italic;">Land Development Revenues</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">&#160;</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold; font-style: italic;">&#8211;</font><font style="background-color:
            #FFFFFF; font-size: 10pt; font-family: 'Times New Roman';"> In July 2018, we obtained final approval of the entitlements for the Sky Ranch property and achieved the first payment milestone for the sale of 150 platted lots to two of our
            builders. We received the first milestone payment of $2,500,000, and the two builders posted letters of credit for an additional $7,775,000. We are working to complete construction of finished lots in fiscal year 2019. We have received the
            first of two additional payments, to be distributed from the escrowed funds, from each of these two builders. The first additional payment of $4,121,800 was distributed upon completion of construction of wet utilities, and the final payment
            will be distributed upon completion of finished lots. We defer recognition of the payments from the first two milestones and recognize the revenue over time during the construction process of completing the finished lots because control
            transfers upon delivery of the platted lot and the customer is obtaining benefits from the improvements as the construction progresses. To date, we have recognized a total of $5.5 million of land development revenue based on the input method of
            total project costs incurred as a percent of completion. During the three and six months ended February 28, 2019, we recognized $1.9 million and $3.3 million, respectively, of land development revenue. Additionally, we received a payment from
            our third builder for $300,000 upon completion of four finished lots and will continue to receive payments and recognize revenue as additional finished lots are completed. We have determined that the delivery of a finished lot is a performance
            obligation and will recognize revenue at the point of time of closing the lot sale. To date, we have incurred $17.3 million in land development costs as construction in progress of the $35 million total budgeted land development costs. Of these
            land development costs, $5.1 million have been recorded as cost of revenue under lot fee construction costs on the consolidated statements of operations and comprehensive income (loss), of which $1.8 million and $3.1 million were recorded as
            lot fee construction costs during the three and six months ended February 28, 2019, respectively. The remaining $12.2 million was recorded as Inventories on the consolidated balance sheet as of February 28, 2019, and will be recorded as cost of
            revenue as land development revenues are recognized. We did not have any land development operations in the three or six months ended February 28, 2018.</font></font></div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">25</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        <div style="width: 100%;" id="DSPFPageHeader"><a href="#INDEX"><font style="font-size: 8pt; font-style: italic;">Index</font></a><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;"><a href="#INDEX"><font style="font-size: 8pt;
                font-style: italic;"></font></a></font></div>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">General and Administrative Expenses</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Significant balances classified as general and administrative (&#8220;G&amp;A&#8221;) expenses for the <font style="font-size: 10pt; font-family: &quot;Times New
            Roman&quot;;">three and six months</font> ended <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">February 28, 2019</font> and <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">2018</font>,
          respectively, were as follows:</font></div>
      <div><br>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Table 3a - Significant Balances in G&amp;A</font></div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" id="zac5feab9aba044f8852e050dbe436f62">

          <tr>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="6">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Three Months Ended February 28,</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="6">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> 2019</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';">2018</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">$ Change</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">% Change</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Salary and salary-related expenses:</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 16.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Including share-based compensation</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">289,800</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">281,600</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">8,200</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">3</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">%</font></font></div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 16.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Excluding share-based compensation</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">231,600</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">204,200</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">13</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">%</font></font></div>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Fees paid to directors (including insurance)</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">39,900</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">41,300</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(1,400</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(3)</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">%</font></font></div>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Public entity related expenses</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">39,200</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">42,500</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(3,300</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(8)</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">%</font></font></div>
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      </table>
      <div><br>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Table 3b - Significant Balances in G&amp;A</font></div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" id="z299dbaa2403f4461b3fbc3622c63d1dd">

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            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="6">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Six Months Ended February 28,</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="6">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> 2019</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';">2018</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">$ Change</font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">% Change</font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Salary and salary-related expenses:</font></div>
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            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 16.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Including share-based compensation</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">625,600</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">608,100</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">17,500</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">3</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">%</font></font></div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 16.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Excluding share-based compensation</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">463,900</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">450,500</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">13,400</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">3</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">%</font></font></div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Professional fees</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">172,000</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">158,800</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">13,200</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">8</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">%</font></font></div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Fees paid to directors (including insurance)</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">99,200</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">81,700</font></font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">17,500</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">21</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">%</font></font></div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Public entity related expenses</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">66,000</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">73,100</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(7,100</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(10)</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">%</font></font></div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Salary and salary-related expenses &#8211; </font>Salary
          and salary-related expenses, including share-based compensation expense, increased 3% for the <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">three and six months</font> ended <font style="font-size: 10pt; font-family:
            &quot;Times New Roman&quot;;">February 28, 2019</font>, as compared to the <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">three and six months</font> ended <font style="font-size: 10pt; font-family: &quot;Times New
            Roman&quot;;">February 28, 2018</font>. The increase was primarily the result of additional employees. The salary and salary-related expenses noted above include $58,200 and $77,400 of share-based compensation expenses during the three months
          ended <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">February 28, 2019</font> and <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">2018</font>, respectively. Included in the above salary and
          salary-related expenses are $161,700 and $157,600 of share-based compensation expenses during the <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">six</font> months ended <font style="font-size: 10pt; font-family:
            &quot;Times New Roman&quot;;">February 28, 2019</font> and <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">2018</font>, respectively.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Professional fees (predominantly accounting and
            legal) &#8211; </font>Legal and accounting fees increased 24% and 8% during the <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">three and six months</font> ended <font style="font-size: 10pt; font-family: &quot;Times New
            Roman&quot;;">February 28, 2019</font>, as compared to the <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">three and six months</font> ended <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">February










            28, 2018</font>, respectively. The increase for the three months ended <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">February 28, 2019</font> compared to the three months ended <font style="font-size: 10pt;
            font-family: &quot;Times New Roman&quot;;">February 28, 2018</font> is due to higher accounting fees of approximately $13,000 related to audit and tax services. The increase in the <font style="font-size: 10pt; font-family: &quot;Times New
            Roman&quot;;">six</font> months ended <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">February 28, 2019</font>, as compared to the <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">six</font>
          months ended <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">February 28, 2018</font>, was primarily due to <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">higher legal fees of approximately
            $13,000 related to certain water service agreements</font>.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Fees paid to directors (including insurance)</font>&#160;<font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">&#8211;</font> Directors&#8217; fees, including D&amp;O insurance, decreased 3% and increased 21% for the <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">three










            and six months</font> ended <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">February 28, 2019</font>, respectively, as compared to the <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">three and
            six months</font> ended <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">February 28, 2018</font>. The fees vary due to the number of meetings and timing of payments; however, they are generally expected to remain
          consistent year over year.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Public entity expenses </font><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">&#8211;</font> Costs associated with corporate governance and costs associated with being a publicly traded entity decreased 8% and 10% for the three and six months ended <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">February 28, 2019</font>, as compared to the three and <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">six</font> months ended <font style="font-size:
            10pt; font-family: &quot;Times New Roman&quot;;">February 28, 2018</font>, respectively. The fluctuations are due to the timing and number of filings and compliance costs for filing with the Securities and Exchange Commission (the &#8220;SEC&#8221;).</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Other Income and Expense Items</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Table 4a - Other Items</font></div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" id="z48d9e1899eed4fae8c1688a9f3dd1fec">

          <tr>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="6">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Three Months Ended February 28,</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="6">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> 2019</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';">2018</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">$ Change</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">% Change</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Other income items:</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255);">
              <div style="text-align: left; text-indent: -9pt; margin-left: 18pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Oil and gas lease income, net</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">13,900</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">13,900</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);">
              <div style="text-align: left; text-indent: -9pt; margin-left: 18pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Oil and gas royalty income, net</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">44,400</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">49,800</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(5,400</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(11)</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">%</font></font></div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255);">
              <div style="text-align: left; text-indent: -9pt; margin-left: 18pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Interest income</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">121,700</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">52,500</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">69,200</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">132</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">%</font></font></div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">26</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        <div style="width: 100%;" id="DSPFPageHeader"><a href="#INDEX"><font style="font-size: 8pt; font-style: italic;">Index</font></a><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;"><a href="#INDEX"><font style="font-size: 8pt;
                font-style: italic;"></font></a></font></div>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Table 4b - Other Items</font></div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" id="z825d6dcc9dda44f3856551e76d603330">

          <tr>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="6">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Six Months Ended February 28,</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="6">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center; text-indent: -7pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> 2019</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center; text-indent: -7pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';">2018</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center; text-indent: -7pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">$ Change</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center; text-indent: -7pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">% Change</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Other income items:</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 14.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Oil and gas lease income, net</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">27,900</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">23,200</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">4,700</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">20</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">%</font></font></div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 14.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Oil and gas royalty income, net</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">75,800</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">91,500</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(15,700</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(17)</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">%</font></font></div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 14.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Interest income</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">192,800</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">107,000</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">85,800</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">80</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">%</font></font></div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Oil and gas lease income </font>&#8211; On October 5,
          2017, we entered into a Paid-Up Oil and Gas Lease with Bison Oil and Gas, LLP (the &#8220;Bison Lease&#8221;), for the purpose of exploring for, developing, producing, and marketing oil and gas on the 40 acres of mineral estate we own adjacent to the &#8220;Lowry
          Range&#8221; (as described in Note 4 &#8211;<font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;"> Water and Land Assets </font>in Part II, Item 8 of the 2018 Annual Report). Pursuant to the Bison Lease, we received an up-front
          payment of $167,200, which will be recognized as income on a straight-line basis over three years (the term of the Bison Lease). We recognized lease income of $13,900 during each of the three months ended <font style="font-size: 10pt;
            font-family: &quot;Times New Roman&quot;;">February 28, 2019</font> and 2018, and $27,900 and $23,200 for each of the six months ended February 28, 2019 and 2018, respectively. As of <font style="font-size: 10pt; font-family: &quot;Times New
            Roman&quot;;">February 28, 2019</font>, we had deferred recognition of $88,200 of income related to the Bison Lease, which will be recognized into income ratably through September 2020.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Oil and gas royalty income </font>&#8211; In 2011, we
          entered into a Paid-Up Oil and Gas Lease, which was subsequently purchased by a wholly-owned subsidiary of ConocoPhillips Company, 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 &#8220;Sky Ranch O&amp;G Lease&#8221;). The Sky Ranch O&amp;G Lease is held by production through two wells drilled in our mineral estate. The oil and gas royalty income represents amounts received pursuant to the Sky Ranch
          O&amp;G Lease as royalties from oil and gas production from wells in our mineral estate at Sky Ranch. The royalties for the three months ended <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">February 28, 2019</font>,
          were $44,400, as compared to $49,800 for the same period in 2018. The royalties for the <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">six</font> months ended <font style="font-size: 10pt; font-family: &quot;Times New
            Roman&quot;;">February 28, 2019</font> were $75,800, as compared to $91,500 for the same period in 2018. The decrease in oil and gas royalties is a result of lower production of oil and gas from wells in our mineral estate at Sky Ranch.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Interest Income </font>&#8211; Interest income
          represents interest earned on the temporary investment of capital in cash and cash equivalents, available-for-sale securities, finance charges, and interest accrued on the notes receivable from the Rangeview District and the Sky Ranch Districts.
          The increase was primarily attributable to interest rates on investments and timing of the maturity of the investments.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Liquidity, Capital Resources and Financial Position</u></font></font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">At <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">February 28, 2019</font>, our working capital, defined as current
          assets less current liabilities, was $21.2 million, which included $11.1 million in cash and cash equivalents and short-term investments. We believe that as of <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">February 28,
            2019</font>, and as of the date of the filing of this Quarterly Report on Form 10-Q, we have sufficient working capital to fund our operations for the next 12 months. We manage our capital investments in the construction of finished lots for
          our homebuilder customers to match contractual purchases required by each builder agreement.&#160; We authorize specific contracts in phases to assure adequate capital resources for the delivery of lots to our homebuilders. By way of an example, we
          have invested approximately $17 million into constructing the first 150 lots at Sky Ranch. We anticipate that we will invest an additional $1 million to complete the first 150 lots, and we have received approximately $6.6 million of the $10.5
          million due from the sale of the lots. We do not expect to invest additional capital into delivering additional lots until we have received payment for lots completed, and we seek to match completion of any new investment into lots concurrent
          with the contract delivery payment from our builders for such lots.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">Sky Ranch Development</font> &#8211; <font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman';">In the spring of fiscal year 2018, we began construction of off-site improvements at Sky Ranch, including drainage improvements, access roads and other
            improvements that are estimated to cost approximately $35 million, which includes estimated reimbursable costs of approximately of $27 million that will be reimbursable to us by the CAB. We estimate that lot sales to home builders will generate
            approximately $36 million in revenues, providing a margin on lots of approximately $1 million prior to receipt of reimbursable expenses. We and the CAB have agreed that no payment is required by the CAB with respect to reimbursable costs unless
            and until the CAB and/or the Sky Ranch Districts issue bonds in an amount sufficient to reimburse us for all or a portion of advances provided or expenses incurred for reimbursables. Due to this contingency, the reimbursable costs will be
            included in lot development capitalized costs until the point in time when bonding is obtained. At that point, all reimbursable costs will be recorded as a note receivable and will reduce any remaining capitalized costs. Any excess will be
            recognized </font>as a gain from the sale of municipal bond securities<font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman';">. In November 2017, each builder completed its due diligence under the Purchase and
            Sale Contracts, at which time certain earnest money deposits by each builder became non-refundable. In July 2018, we obtained final approval of the entitlements for the property and achieved the first payment milestone for 150 platted lots to
            two of our builders. We received the first milestone payment of $2,500,000, and the two builders posted letters of credit for an additional $7,775,000. We are working to complete construction of finished lots in fiscal year 2019. We have
            received the first of two additional payments, to be distributed from the escrowed funds, from each of these two builders. The first additional payment of $4,121,800 was distributed upon completion of construction of wet utilities, and the
            final payment will be distributed upon completion of finished lots. Additionally, we have received a $300,000 payment from our third builder for the completion of four finished lots and will receive additional payments as we continue to
            complete lots for this builder. We believe that our plan for phased construction and delivery of lots together with the progress payments from builders will enable us to have adequate cash to fund the development of lots.</font></font></div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">27</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        <div style="width: 100%;" id="DSPFPageHeader"><a href="#INDEX"><font style="font-size: 8pt; font-style: italic;">Index</font></a><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;"><a href="#INDEX"><font style="font-size: 8pt;
                font-style: italic;"></font></a></font></div>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">ECCV Capacity Operating System</font><font style="font-size: 10pt;
            font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"> &#8211; </font>Pursuant to a 1982 contractual right, the Rangeview District may purchase water produced from East Cherry Creek Valley Water and Sanitation District&#8217;s (&#8220;ECCV&#8221;)
          Land Board system. ECCV&#8217;s Land Board system is comprised of eight wells and more than 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 Rangeview District&#8217;s service provider and the Export Water Contractor (as defined in the 2014 Amended and Restated Lease Agreement among us, the Rangeview 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 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 the ECCV&#8217;s system, which is included in the water usage fees charged to customers. In addition, in 2019 the ECCV system has cost us and is anticipated to continue to cost us approximately $20,000 per month to maintain.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">South Metropolitan Water Supply Authority (&#8220;SMWSA&#8221;) and the Water
            Infrastructure Supply Efficiency Partnership (&#8220;WISE&#8221;)</font><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"> &#8211; </font>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 Rangeview District. Pursuant to the SMWSA Participation Agreement with the Rangeview District, we agreed to provide funding to the Rangeview
          District in connection with its membership in the SMWSA. In July 2013, the Rangeview District, together with nine other SMWSA members, formed an entity to enable its members to participle in a cooperative water project known as WISE and entered
          into an agreement that specifies each member&#8217;s pro rata share of WISE and the members&#8217; rights and obligations with respect to WISE. On December 31, 2013, the South Metro WISE Authority (&#8220;SMWA&#8221;), the City and County of Denver acting through its
          Board of Water Commissioners (&#8220;Denver Water&#8221;) and the City of Aurora acting by and through its Utility Enterprise (&#8220;Aurora Water&#8221;) entered into the Amended and Restated WISE Partnership &#8211; Water Delivery Agreement (the &#8220;WISE Partnership
          Agreement&#8221;), 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 Rangeview/Pure Cycle WISE Project Financing Agreement (the &#8220;WISE Financing Agreement&#8221;), which obligates us to fund the Rangeview District&#8217;s cost of participating in WISE. We anticipate that we will be
          investing approximately $3.0 million in 2019 and $6.8 million in total over the next five fiscal years to fund the Rangeview District&#8217;s purchase of its share of the water transmission line and additional facilities, water and related assets for
          WISE. In exchange for funding the Rangeview District&#8217;s obligations in WISE, we will have the sole right to use and reuse the Rangeview District&#8217;s approximate 7% share of the WISE water and infrastructure to provide water service to the Rangeview
          District&#8217;s customers and to receive the revenue from such service. At full capacity, we will be entitled to approximately three million gallons per day of transmission pipeline capacity and 500 acre feet per year of water.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Summary Cash Flows Table</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Table 5 - Summary Cash Flows Table</font></div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" id="z4a0853b26bd4438ea3a1f4b23999c88d">

          <tr>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="6">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Six Months Ended February 28,</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="6">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> 2019</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';">2018</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">$ Change</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">% Change</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Cash (used in) provided by:</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 16.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Operating activities</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(3,493,700</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(1,039,700</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(2,454,000</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">236</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">%</font></font></div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 16.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Investing activities</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(4,203,200</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(1,737,100</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(2,466,100</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">142</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">%</font></font></div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">
              <div style="text-align: left; text-indent: -7.2pt; margin-left: 16.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Financing activities</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">109,100</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">288,900</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(179,800</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">(62</font></font><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt;
                    font-family: 'Times New Roman';">)</font></font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">%</font></font></div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Changes in Operating Activities &#8211; </font>Operating
          activities include revenues we receive from the sale of wholesale water and wastewater services and costs incurred in the delivery of those services, G&amp;A expenses, and depletion/depreciation expenses.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Cash used in operations in the <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">six</font> months ended <font style="font-size:
            10pt; font-family: &quot;Times New Roman&quot;;">February 28, 2019</font>, increased by approximately $2.5 million compared to the six months ended February 28, 2018, <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">which










            is primarily due to capitalized costs of $5.0 million recorded in inventories to develop lots at Sky Ranch, and a decrease in accounts payable and accrued liabilities of $982,100, offset by deferred revenue attributed to the second milestone
            payment from lot sales net of revenue recognized of $1.1 million, the collections of trade accounts receivables of approximately $1.1 million related to billings for water used for fracking, an increase in pre-paid expenses of $958,000 related
            to land development activities, and an increase of net income of $534,400. Inventories and lot sale deferred revenue relate to our land development activities at Sky Ranch, which had not commenced at February 28, 2018. Additionally, we
            recognized $27,900 of deferred revenue from the Bison Lease during the six months ended February 28, 2019, which relates to the $167,000 payment, recognition of which was deferred, that we received for the Bison Lease in the three months ended
            November 2017.</font></font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Changes in Investing Activities</font><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"> &#8211; </font>The use of cash in<font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">&#160;</font>investing activities during the <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">six</font> months ended <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">February 28, 2019</font>, consisted of the sale of short-term debt securities
          of $22.6 million, the purchase of short-term debt securities of $20.8 million, the investment in our water system of $5.8 million and the purchase of equipment of $132,000. <font style="font-size: 10pt; font-family: 'Times New Roman';"> The use
            of cash in</font><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman';">investing activities during the six months ended February 28, 2018,
            consisted of the sale of short-term debt securities of $2.9 million, the purchase of short-term debt securities of $1.2 million, the investment in our water system of $1.8 million, a funding payment of $1.5 million for the CAB to begin
            construction on Sky Ranch and the purchase of equipment of $160,700.</font></font></div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">28</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        <div style="width: 100%;" id="DSPFPageHeader"><a href="#INDEX"><font style="font-size: 8pt; font-style: italic;">Index</font></a><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;"><a href="#INDEX"><font style="font-size: 8pt;
                font-style: italic;"></font></a></font></div>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Changes in Financing Activities</font><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"> &#8211; </font>Cash provided by financing activities during the <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">six</font> months ended <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">February 28, 2019</font>, consisted of proceeds from the exercise of stock options of $114,900, offset by a payment to contingent liability holders of $5,800. <font style="font-size: 10pt; font-family: 'Times New Roman';">Cash used in financing activities during the six months ended February 28, 2018, consisted of a receipt of a note receivable - related party of $215,500 from a Sky Ranch District and
            proceeds from the exercise of stock options of $75,000, offset by a payment to contingent liability holders of $1,600.</font></font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Off-Balance Sheet Arrangements</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Our off-balance sheet arrangements consist entirely of the contingent portion of the Comprehensive Amendment Agreement No. 1 (the &#8220;CAA&#8221;) as described in
          Note 4 &#8211; <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Long-Term Obligations and Operating Lease &#8211; Participating Interests in Export Water Supply</font> 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 &#8220;Export Water&#8221; (as defined in Note 4 &#8211; <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Water










            and Land Assets </font>in Part II, Item 8 of the 2018 Annual Report), the amounts and timing of which are not reasonably determinable.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Critical Accounting Policies and Use of Estimates</u></font></font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">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><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Revenue Recognition</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman';">We generate revenues through two lines of business. Revenues
            are derived through our wholesale water and wastewater business and through the sale of developed land primarily for residential lots, both of which businesses are described below.</font></font></div>
      <div><br>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"><font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman';">Wholesale Water and
            Wastewater Fees</font></font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman';">We generate revenues through our wholesale water and wastewater
            business predominantly from three sources: (i) monthly wholesale water usage fees and wastewater service fees, (ii) one-time water and wastewater tap fees and construction fees/Special Facility funding, and (iii) consulting fees. Because these
            items are separately delivered and distinct, we account for each of the items separately, as described below.</font></font></div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z716ce88d8f774f48a4f8ac8005fe37ae" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(i)</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Monthly water usage and wastewater treatment fees</u></font>&#160;<font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">&#8211;</font> Monthly wholesale water usage charges are assessed to our 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 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. Water usage
                    pricing uses a tiered pricing structure. We recognize wholesale water usage revenues at a point in time upon delivering water to our customers or our governmental customers&#8217; end-use customers, as applicable. Revenues recognized by us
                    from the sale of Export Water and other portions of our &#8220;Rangeview Water Supply&#8221; (as defined in Note 4 &#8211;<font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;"> Water and Land Assets </font>in Part II, Item 8
                    of the 2018 Annual Report) off the Lowry Range are shown gross of royalties to the Land Board. We are the distributor of the Export Water and set pricing for the sale of Export Water. Revenues recognized by us from the sale of water on
                    the Lowry Range are shown net of royalties paid to the Land Board and amounts retained by the Rangeview District. For water sales on the Lowry Range, the Rangeview District is directly selling the water and deemed the distributor of the
                    water. The Rangeview District sets the price for the water sales on the Lowry Range.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">In addition to providing domestic water, we provide raw water for hydraulic fracturing to industrial customers in the oil
          and gas industry that are located in and adjacent to our service areas. Frack water revenues are recognized at a point in time upon delivering water to a customer.</font></div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">29</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        <div style="width: 100%;" id="DSPFPageHeader"><a href="#INDEX"><font style="font-size: 8pt; font-style: italic;">Index</font></a><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;"><a href="#INDEX"><font style="font-size: 8pt;
                font-style: italic;"></font></a></font></div>
      </div>
      <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">We recognize wastewater treatment revenues monthly based on a flat monthly fee and actual usage charges. The monthly wastewater
          treatment fees are shown net of amounts retained by the Rangeview District. Costs of delivering water and providing wastewater service to customers are recognized as incurred.</font></div>
      <div><br>
      </div>
      <div style="text-align: left;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z324ed3efda2849ea989ac561a89ae321" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(ii)</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><u>Water and wastewater tap fees/Special Facility funding</u></font>
                      &#8211; We recognize water and wastewater tap fees as revenue at the time we grant a right for the customer to tap into the water or wastewater service line to obtain service. The water tap fees recognized are based on the amounts billed to
                      the Rangeview District and any amounts paid to third parties pursuant to the CAA as further described in Note 4 &#8211; <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-style: italic;">Long-Term Obligations and
                        Operating Lease &#8211; Participating Interests</font>&#160;<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-style: italic;">in Export Water Supply</font> to the accompanying consolidated financial statements.</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">We recognize construction fees, including fees received to construct &#8220;Special Facilities,&#8221; over time as the construction is completed
          because the customer is generally able to use the property improvement to enhance the value of other assets during the construction period. Special Facilities are facilities that enable water to be delivered to a single customer and are not
          otherwise classified as a typical wholesale facility or retail facility. 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. Management has determined that Special Facilities are separate and distinct performance obligations because these projects are contracted to construct a specific water and wastewater system or transmission
          pipeline and typically do not include multiple performance obligations in a contract with a customer.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z4a3a70b03ecd45aab909174ad0284457" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(iii)</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Consulting fees</u></font> &#8211; Consulting fees are fees that we receive, typically on a monthly basis,
                      from municipalities and area water providers along the I-70 corridor, for contract operations services over time as services are consumed. Consulting fees are recognized monthly based on a flat monthly fee plus charges for additional
                      work performed.</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Land Development Activities</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">We generate revenues through the sale of finished lots at our Sky Ranch development primarily from several sources of revenues: (i) the sale of finished
          lots, (ii) construction support activities, (iii) project management services, and (iv) reimbursable expenses incurred to develop certain infrastructure.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zc0a72cd484724fef819ba10f9d601aed" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(i)</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Sale of finished lots</u></font> &#8211; We acquired 931 acres of land zoned as a Master Planned Community
                      known as Sky Ranch along the I-70 corridor east of Denver, Colorado. We have entered into purchase and sale agreements with three separate home builders pursuant to which we agreed to sell, and each builder agreed to purchase,
                      residential lots at the property. We began construction of lots on March 1, 2018 and segment our reporting of the activity relating to the costs and revenues from the construction and sale of lots at Sky Ranch.</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">We sell lots at Sky Ranch pursuant to distinct agreements with each builder. These agreements follow one of two formats. One format is
          the sale of a finished lot, whereby the purchaser pays for a ready-to-build finished lot and payment is a lump-sum payment upon completion of the finished lot. We will recognize revenues at the point in time of the closing of the sale of a
          finished lot in which control transfers to the builder and the builder is able to obtain a building permit, as the transaction cycle will be complete, and we will have no further obligations for the lot.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Our second format is the sale of finished lots pursuant to a development agreement with builders, whereby we receive payments in
          stages that include (i) payment upon the delivery of platted lots (which requires us to deliver deeded title to individual lots), (ii) a second payment upon the completion of certain infrastructure milestones, and (iii) final payment upon the
          delivery of the finished lot. Ownership and control of the platted lots pass to the builders once we close the sale of the platted lots. Because the builder (i.e., the customer) takes control of the lot at the first closing and subsequent
          improvements made by us improve the builder&#8217;s lot as construction progresses, we account for revenue over time with progress measured based upon costs incurred to date compared to total expected costs, and any revenue in excess of amounts
          entitled to be billed are reflected on the balance sheet as a contract asset and amounts received in excess of revenue recognized are recorded as deferred revenue. We do not have any material significant payment terms as all payments are expected
          to be received within 12 months after the delivery of each platted lot. We adopted the practical expedient for financing components and do not need to account for a financing component of these lot sales as the delivery of lot sales is expected
          to occur within one year or less.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z28861d94e366499fbdc7eb28afce9cfa" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

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                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(ii)</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Construction support activities</u></font> &#8211; We perform certain construction activities at Sky Ranch.
                      The activities performed include construction and maintenance of the grading, erosion and sediment control best management practices and other construction-related services. These activities are invoiced upon completion and will
                      accrue to the reimbursable amount due from the CAB upon issuance of bonds by the CAB.</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">30</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        <div style="width: 100%;" id="DSPFPageHeader"><a href="#INDEX"><font style="font-size: 8pt; font-style: italic;">Index</font></a><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;"><a href="#INDEX"><font style="font-size: 8pt;
                font-style: italic;"></font></a></font></div>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z1a5ce0a0ab4f4cc4a65e60a8e20bfd0a" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

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                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(iii)</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Project management services</u></font> &#8211; We entered into two Service Agreements for Project Management
                      Services with the CAB on May 2, 2018. Pursuant to these agreements, we act as the project manager and provide any and all services required to deliver the CAB-eligible improvements, including but not limited to CAB compliance,
                      planning design and approvals, project administration, contractor agreements, construction management and administration, and CAB acceptance. We submit a monthly invoice to the CAB. We are responsible for all expenses we incur in the
                      performance of the agreements and are not entitled to any reimbursement or compensation except as defined in the agreements, unless otherwise approved in advance by the CAB in writing. The CAB is subject to annual budget and
                      appropriation procedures and does not intend to create a multiple-fiscal year direct or indirect debt or other financial obligation. The project management fee is five percent (5%) of actual construction costs of CAB-eligible
                      improvements. The project management fee is based only on the actual costs of the improvements; thus, items such as fees, permits, review fees, consultant or other soft costs, and land acquisition or any other costs that are not
                      directly related to the cost of construction of CAB-eligible improvements are not included in the calculation of the project management fee. All such costs that are excluded from calculating the project management fee are reimbursable
                      to us as the project manager, provided that they are exclusively spent on CAB-eligible improvements that are reasonable in comparison to other similar projects in the Denver metropolitan area and approved by the CAB. These services
                      will accrue to the reimbursable amount due from the CAB upon issuance of bonds by the CAB.</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zd47fdf93d7b54bc5891f53ae675b95f7" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

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                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(iv)</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Reimbursable expenses</u></font> &#8211; The CAB is required to construct certain infrastructure, the costs of
                      which qualify as reimbursable costs. Reimbursable costs include water distribution systems, sewer collection systems, storm water system, drainage improvements, roads, curb, sidewalks, landscaping, and parks. We are obligated to
                      finance this infrastructure pursuant to our agreements with the CAB (see Note 6 in <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Related Parties Transactions</font> to the accompanying
                      consolidated financial statements). We and the CAB have agreed that no payment is required with respect to advances made by us or expenses incurred related to construction of improvements unless and until the CAB and/or the Sky Ranch
                      Districts issue bonds in an amount sufficient to reimburse us for all or a portion of the advances made and expenses incurred. Due to this contingency, the reimbursable costs will be included in lot development costs until the point
                      in time when bonding is obtained. At that point, all previously incurred reimbursable costs will be recorded as a note receivable.</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Leases</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Revenues received pursuant to the Sky Ranch O&amp;G Lease and the Bison Lease consisting of up-front payments were 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><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Impairment of Water Assets and Other Long-Lived Assets</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">We review our long-lived assets for impairment whenever management believes that events or changes in circumstances indicate that the carrying amount of
          an asset may not be recoverable. We specifically measure the recoverability of our water assets to be held and used by a comparison of the carrying amount of the 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><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Our water assets will be utilized in the provision of water services that inevitably will encompass many housing and economic cycles. Our service
          capacities are quantitatively estimated based on an average single-family home utilizing 0.4 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><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">We report assets to be disposed of at the lower of the carrying amount or fair value less costs to sell. See further discussion regarding our land held
          for sale in Note 4 &#8211; <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Water and Land Assets</font> to Part II, Item 8 of our 2018 Annual Report.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold; font-style: italic;">Our Front Range Water Rights &#8211; </font>We
          determine the undiscounted cash flows for our Denver-based assets by estimating tap sales to potential new developments in our service area 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 area and the Front Range, actual future tap fees, and actual future operating costs inevitably will vary significantly from our estimates, which could have a
          material impact on our financial statements as well as our results of operations. We performed an impairment analysis as of <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">August 31, 2018</font>, and determined that
          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 $42.0 million as of <font style="font-size: 10pt;
            font-family: &quot;Times New Roman&quot;;">February 28, 2019</font>. Based on the carrying value of our water rights, the long-term and uncertain nature of any development plans, current tap fees of $26,675 per SFE and estimated gross margins,
          we estimate that we would need to add 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 assets. If tap fees increase 5%, we would
          need to add 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 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></div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">31</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        <div style="width: 100%;" id="DSPFPageHeader"><a href="#INDEX"><font style="font-size: 8pt; font-style: italic;">Index</font></a><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;"><a href="#INDEX"><font style="font-size: 8pt;
                font-style: italic;"></font></a></font></div>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Changes in the housing market throughout the Front Range can vary from our estimated tap sale projections; however, these changes do not alter our water
          ownership, our service obligations to existing properties or the number of SFEs we can service.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Share-Based Compensation</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">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 or 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 5 &#8211; <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Shareholders&#8217; Equity</font> to the accompanying financial statements.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Recently Adopted and Issued Accounting Pronouncements</u></font></font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">See Note 1 &#8211; <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Presentation of Interim Information</font> to the
          accompanying financial statements for recently adopted and issued accounting pronouncements.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Disclosure Regarding Forward-Looking Statements</u></font></font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Statements that are not historical facts contained in or incorporated by reference into this Quarterly Report on Form 10-Q are &#8220;forward-looking
          statements&#8221; within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;).
          Forward-looking statements involve risks and uncertainties that could cause actual results to differ from projected results. The words &#8220;anticipate,&#8221; &#8220;goal,&#8221; &#8220;seek,&#8221; &#8220;project,&#8221; &#8220;strategy,&#8221; &#8220;future,&#8221; &#8220;likely,&#8221; &#8220;may,&#8221; &#8220;should,&#8221; &#8220;will,&#8221; &#8220;believe,&#8221;
          &#8220;estimate,&#8221; &#8220;expect,&#8221; &#8220;plan,&#8221; &#8220;intend&#8221; and similar expressions and references to future periods, as they relate to us, are intended to identify forward-looking statements. Forward-looking statements reflect our current views with respect to
          future events and are subject to certain risks, uncertainties and assumptions. We cannot assure you that any of our expectations will be realized. Forward-looking statements include, among others, statements we make regarding:</font></div>
      <div><br>
      </div>
      <div style="text-align: left;">
        <div>
          <table cellspacing="0" cellpadding="0" id="za9cb9bfe5f5b44e3a175210d2ee2419a" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

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                <td style="width: 18pt;"><br>
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                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9679;</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">the reimbursements of certain costs by the CAB;</font></div>
                </td>
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          </table>
        </div>
      </div>
      <div style="text-align: left;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z355cfdad442243fea733801bc0dacf58" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

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                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9679;</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">the impact of new accounting pronouncements;</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: left;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z2f7694bb811141a79edbece2f37e8d67" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

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                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9679;</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">the policies and procedures to value certain financial instruments;</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: left;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z2237075c75eb4d87b16742ccad908f31" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

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                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9679;</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">estimated revenues under the CAA;</font></div>
                </td>
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          </table>
        </div>
      </div>
      <div style="text-align: left;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zb58da571b2b84d95a2ac54808842b393" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

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                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9679;</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">the timing and impact on our financial statements of new home construction and other development in the areas where we may sell our water;</font></div>
                </td>
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      <div style="text-align: left;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z5be82415c64546b880c30533056b0514" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

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                </td>
                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9679;</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">utilization of our water assets;</font></div>
                </td>
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          </table>
        </div>
      </div>
      <div style="text-align: left;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z418a334c5869488c9d65f28f282a1b63" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

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                </td>
                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9679;</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">growth in our targeted service area;</font></div>
                </td>
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          </table>
        </div>
      </div>
      <div style="text-align: left;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z7f36cca81f3c4241a2ad2c8271ed3164" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

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                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9679;</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">anticipated AMT refund in future years;</font></div>
                </td>
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          </table>
        </div>
      </div>
      <div style="text-align: left;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zdf17b0adfe1f4738935752a2ba8bb8f9" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

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                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9679;</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">potential impacts of the Tax Act;</font></div>
                </td>
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        </div>
      </div>
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        <div>
          <table cellspacing="0" cellpadding="0" id="zcb8372ef63284edaa72525d54ee20c45" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

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                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9679;</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">potential competitive advantages of the Company;</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: left;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zecbd513ae14644cbb90ce38644359545" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

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                </td>
                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9679;</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">plans to continue to provide water and wastewater services to commercial and industrial customers;</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: left;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z7d044944823b4f27bc3c0e0ef4887bf0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9679;</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">projected capital spending and projected gross proceeds and margin on lot sales for the first phase of Sky Ranch;</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: left;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zd8455eca2e7f4178a9c515d2e5fa6082" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9679;</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">timing of delivery of finished lots at Sky Ranch;</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: left;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zd0917ae931ad4653af2beed2db6e8124" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9679;</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">expected payments to be received from builders;</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: left;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zd5f7303c49f54223bc5e7e0bc33749a1" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9679;</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">sufficiency of our working capital to fund our operations for the next 12 months;</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: left;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z2ad1512aa2924407b83f90f2e9b2dcd4" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9679;</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">our ability to fund improvements needed to deliver finished lots to home builders at Sky Ranch by phasing construction and delivery of lots and utilizing progress
                      payments from builders;</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: left;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zdb8dd61deee64356bbc12021aac428b3" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9679;</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div>plans to defer investing additional capital in delivering additional lots until receipt of payment for completed lots;</div>
                </td>
              </tr>

          </table>
          <div>
            <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z3665a6912998462992a83800392bdf85" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;">

                <tr style="vertical-align: top;">
                  <td style="width: 18pt;">&#160;</td>
                  <td style="vertical-align: top; width: 18pt;">
                    <div><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9679;</font></div>
                  </td>
                  <td style="align: left; vertical-align: top; width: auto;">
                    <div>
                      <div>consistency of director compensation;</div>
                    </div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
      </div>
      <div style="text-align: left;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zaa2268c8bd144af5be54e3132851e11e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9679;</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">costs associated with the use of the ECCV system;</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: left;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z0de0613152364a2995ef3f0a264c8dec" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9679;</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">infrastructure to be constructed over the next several years, including the expected costs thereof;</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: left;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zc83c216cd94340df83942bcb79debbc0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9679;</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">investments over the next five years for the WISE project;</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: left;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z75447aa9813a47c289c20e2952d568e0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9679;</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">estimated transmission pipeline capacity of, and decreed amount of water from, the WISE project upon its completion;</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: left;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zbbc43b11a70f47fca73e329706b21df7" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9679;</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">estimates associated with revenue recognition, asset impairments, and cash flows from our water assets;</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: left;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z9a52d2431ff2454c9334546925ba0f25" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9679;</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">variance in our estimates of future tap fees and future operating costs;</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: left;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zeba5fe2980554c619ab019c25b9a9a33" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9679;</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">estimated number of SFE connections that can be served by our water systems;</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: left;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z6e72d114cc614d0ab51ecc16dacf7187" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9679;</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">number of new water connections necessary to recover costs;</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">32</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        <div style="width: 100%;" id="DSPFPageHeader"><a href="#INDEX"><font style="font-size: 8pt; font-style: italic;">Index</font></a><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;"><a href="#INDEX"><font style="font-size: 8pt;
                font-style: italic;"></font></a></font></div>
      </div>
      <div style="text-align: left;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z7b99d728ccdb4ed3b56033eceebb5890" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9679;</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">expected vesting and forfeitures of stock options; and</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: left;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zd82eb703b7874fc1b0c809707233ea3e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9679;</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">objectives of our investment activities.</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, without limitation:</font></div>
      <div><br>
      </div>
      <div style="text-align: left;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z38e4b4df2d2a407e8040c20bd9ded2f8" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9679;</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">the timing of new home construction and other development in the areas where we may sell our water;</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: left;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zbf876051f9f94f1da6c0e9d160d6e0d1" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9679;</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">population growth;</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: left;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z78ffdf7d06c04fff87e692a084f7eff6" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9679;</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">employment rates;</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: left;">
        <div>
          <table cellspacing="0" cellpadding="0" id="ze77b047c3d6f451b866116b153ab6b71" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9679;</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">timing of oil and natural gas development in the areas where we sell our water;</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: left;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zb9aceba3c3954370a0fc3017ccae0a03" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9679;</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">general economic conditions;</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: left;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zf486a189f924404785f84f59f5fb5f66" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9679;</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">the market price of water;</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: left;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z62ac249bce454baa941f665818206d11" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9679;</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">the market price of oil and natural gas;</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: left;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z278838b8fb7148e2938c8c47e11be001" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9679;</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">changes in customer consumption patterns;</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: left;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zac0bf5bfd713469bb08e691e95df80af" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9679;</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">changes in applicable statutory and regulatory requirements;</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: left;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zc42e8d119792407b90cd31927cbc5f96" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9679;</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">changes in governmental policies and procedures;</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: left;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z6b4d6c5e177c4dfaa1abcc6881e17f3c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9679;</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">uncertainties in the estimation of water available under decrees;</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: left;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z5fac93b1026d4d8eaa0149da6b185139" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9679;</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">uncertainties in the estimation of costs of delivery of water and treatment of wastewater;</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: left;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z381a668728b24f16b2f46511b1e8d052" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9679;</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">uncertainties in the estimation of the service life of our systems;</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: left;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z49a1410c68014a3998095ad9e84fbf28" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9679;</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">uncertainties in the estimation of costs of construction projects;</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: left;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z4337c447169d4b3d88a6c0ea406a2dc6" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9679;</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">the strength and financial resources of our competitors;</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: left;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zd48ef7c683fa4c5282991842f24f4e26" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9679;</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">our ability to manage the increasing demands of our expanded operations;</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: left;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z6a2ed44aad2d4a92b069974405e040cc" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9679;</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">our ability to find and retain skilled personnel;</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: left;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z331466585b2b46a3b160726c9aa1346d" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9679;</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">climatic and weather conditions, including floods, droughts and freezing conditions;</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: left;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zdad913b3af0c466297ac536c154534af" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9679;</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">unauthorized access to confidential information and data on our information technology systems and systems and data breaches;</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: left;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z1b4fc62025f641a59f1326dc2e962388" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9679;</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">labor relations;</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: left;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zbd847b3d13464564bcb9986115fdafff" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9679;</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">turnover of elected and appointed officials and delays caused by political concerns and government procedures;</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: left;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z6133d252edb94149992c6a24179a0ec6" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9679;</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">availability and cost of labor, material and equipment;</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: left;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z07f3fad8d17640c0901f188be6e3a059" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9679;</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">delays in anticipated permit and construction dates;</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: left;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z4fb4cb680027478fa689b69a6090b3df" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9679;</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">engineering and geological problems;</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: left;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zab898374cc45409eb95c1eb6e3aba209" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9679;</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">environmental risks and regulations;</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: left;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z20e33b3b99504b2aa6abed135a974690" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9679;</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">our ability to raise capital;</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: left;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z3cd2bdfc533f489fa94cc2b326bbd936" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9679;</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">volatility in the price of our common stock;</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: left;">
        <div>
          <table cellspacing="0" cellpadding="0" id="ze5582737eb534880adf79e3c79f8ed51" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9679;</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">our ability to negotiate contracts with new customers;</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: left;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zf52221731259435c9e1a3d20363c5821" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9679;</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">the outcome of any litigation and arbitration proceedings;</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: left;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z1dc5dc2102704a9fb59a881b910bfbbd" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9679;</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">uncertainties in water court rulings;</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: left;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z9dc9a30f56be430ab3f107cc0fe927b1" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9679;</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">our ability to collect on any judgments; and</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: left;">
        <div>
          <table cellspacing="0" cellpadding="0" id="zbfa0b44e652b47fba48366806a36f0a3" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9679;</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">factors described under &#8220;Risk Factors&#8221; in our 2018 Annual Report.</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">We undertake no 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 these cautionary statements.</font></div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">33</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        <div style="width: 100%;" id="DSPFPageHeader"><a href="#INDEX"><font style="font-size: 8pt; font-style: italic;">Index</font></a><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;"><a href="#INDEX"><font style="font-size: 8pt;
                font-style: italic;"></font></a></font></div>
      </div>
      <div style="text-align: left;">
        <div>
          <table cellspacing="0" cellpadding="0" id="ze8573b1ce7a844a2b5cea1273f0f7ab1" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 36pt; vertical-align: top;"><a name="Item3."><!--Anchor--></a><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Item 3.</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Quantitative and Qualitative Disclosures About Market Risk</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">General</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">We have limited exposure to market risks from instruments that may impact the <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style:
            italic;">Consolidated Balance Sheets</font>, <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Consolidated Statements of Operations and Comprehensive Income (Loss)</font>, and <font style="font-size: 10pt;
            font-family: 'Times New Roman'; font-style: italic;">Consolidated Statements of Cash Flows. </font>Such exposure is due primarily to changing interest rates.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Interest Rates</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">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 <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">February 28, 2019</font>, we own one certificate of deposit and two U.S. Treasury
          debt securities with stated maturity dates and locked interest rates. Therefore, we are not subject to interest rate fluctuations. We have no investments denominated in foreign currencies; therefore, our investments are not subject to foreign
          currency exchange rate risk.</font></div>
      <div><br>
      </div>
      <div style="text-align: left;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z73bae84152944f6cb05d7e72ea1698c0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 36pt; vertical-align: top;"><a name="Item4."><!--Anchor--></a><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Item 4.</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Controls and Procedures</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Evaluation of Disclosure Controls and Procedures</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">We maintain disclosure controls and procedures as 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&#8217;s rules and forms, and that information is accumulated and communicated
          to management, including the principal executive and financial officer, as appropriate to allow timely decisions regarding required disclosures. The President and Chief Financial Officer evaluated the effectiveness of disclosure controls and
          procedures as of <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">February 28, 2019</font>, pursuant to Rule 13a-15(b) under the Exchange Act. Based on that evaluation, the President and Chief Financial Officer concluded
          that, as of the end of the period covered by this report, the Company&#8217;s disclosure controls and procedures were effective. A system of controls, no matter how well designed and operated, cannot provide absolute assurance that the objectives of
          the system of controls are met, and no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within a company have been detected.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Changes in Internal Control Over Financial Reporting</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">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><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">34</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        <div style="width: 100%;" id="DSPFPageHeader"><a href="#INDEX"><font style="font-size: 8pt; font-style: italic;">Index</font></a><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;"><a href="#INDEX"><font style="font-size: 8pt;
                font-style: italic;"></font></a></font></div>
      </div>
      <div style="text-align: center;"><a name="PARTIIOTHERINFORMATION"><!--Anchor--></a><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">PART II &#8211; OTHER INFORMATION</font></div>
      <div><br>
      </div>
      <div style="text-align: left;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z56dd5ad9ae87494e9746d878a67f60ba" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 36pt; vertical-align: top;"><a name="Item6."><!--Anchor--></a><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Item 6.</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Exhibits</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" id="z3702fb15b3564ddfaadddfab29293247" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse;">

          <tr>
            <td style="width: 8%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Exhibit </font></div>
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Number</font></div>
            </td>
            <td style="width: 2%; vertical-align: bottom;">&#160;</td>
            <td style="width: 90%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Description</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top;">&#160;</td>
            <td style="width: 2%; vertical-align: bottom;">&#160;</td>
            <td style="width: 90%; vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: justify;"><a href="http://www.sec.gov/Archives/edgar/data/276720/000136231007003243/c71715pre14a.htm"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New
                      Roman';">3.1</font></font></a></div>
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            <td style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
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          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 2%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 90%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
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          <tr>
            <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: justify;"><a href="http://www.sec.gov/Archives/edgar/data/276720/000136231007003243/c71715pre14a.htm"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New
                      Roman';">3.2</font></font></a></div>
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            <td style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
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            <td style="width: 8%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 2%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 90%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: justify;"><a href="ex31_1.htm"><font style="font-size: 10pt; font-family: 'Times New Roman';">31.1</font></a></div>
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            <td style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
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          <tr>
            <td style="width: 8%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 2%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 90%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
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          <tr>
            <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: justify;"><a href="ex32_1.htm"><font style="font-size: 10pt; font-family: 'Times New Roman';">32.1</font></a></div>
            </td>
            <td style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. **</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 2%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 90%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">101.INS</font></div>
            </td>
            <td style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">XBRL Instance Document. *</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 2%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 90%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">101.SCH</font></div>
            </td>
            <td style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">XBRL Taxonomy Extension Schema Document. *</font></div>
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          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 2%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 90%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">101.CAL</font></div>
            </td>
            <td style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">XBRL Taxonomy Extension Calculation Linkbase Document. *</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 2%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 90%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">101.DEF</font></div>
            </td>
            <td style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">XBRL Taxonomy Extension Definition Linkbase Document. *</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 2%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 90%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">101.LAB</font></div>
            </td>
            <td style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">XBRL Taxonomy Extension Label Linkbase Document. *</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 2%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 90%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">101.PRE</font></div>
            </td>
            <td style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">XBRL Taxonomy Extension Presentation Linkbase Document. *</font></div>
            </td>
          </tr>

      </table>
      <div><br>
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      <div style="text-align: left;">
        <div>
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                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">*</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">Filed herewith.</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-align: left;">
        <div>
          <table cellspacing="0" cellpadding="0" id="z26a58d66294b4665b8083b9347e25261" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

              <tr>
                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">**</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">Furnished herewith.</font></div>
                </td>
              </tr>

          </table>
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        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">35</font></div>
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        <div style="width: 100%;" id="DSPFPageHeader"><a href="#INDEX"><font style="font-size: 8pt; font-style: italic;">Index</font></a><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;"><a href="#INDEX"><font style="font-size: 8pt;
                font-style: italic;"></font></a></font></div>
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      <div style="text-align: center;"><a name="SIGNATURES"><!--Anchor--></a><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">SIGNATURES</font></div>
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      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
          the undersigned hereunto duly authorized.</font></div>
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          <tr>
            <td style="width: 30%; vertical-align: top;" rowspan="1">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">PURE CYCLE CORPORATION</font></div>
            </td>
            <td style="width: 70%; vertical-align: top;" rowspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 30%; vertical-align: top;" rowspan="1">&#160;</td>
            <td style="width: 70%; vertical-align: top;" rowspan="1">&#160;</td>
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          <tr>
            <td style="width: 30%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">/s/ Mark W. Harding</font></div>
            </td>
            <td style="width: 70%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 30%; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Mark W. Harding</font></div>
            </td>
            <td style="width: 70%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 30%; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">President and Chief Financial Officer</font></div>
            </td>
            <td style="width: 70%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 30%; vertical-align: top;"> <br>
            </td>
            <td style="width: 70%; vertical-align: top;">&#160;</td>
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            <td rowspan="1" style="width: 30%; vertical-align: top;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">April 8, 2019</font></font></td>
            <td rowspan="1" style="width: 70%; vertical-align: top;">&#160;</td>
          </tr>

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      </div>
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    <div style="text-align: center;"><font style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">36</font></div>
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<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>2
<FILENAME>ex31_1.htm
<DESCRIPTION>EXHIBIT 31.1
<TEXT>
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    <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 31.1</font><br>
    </div>
    <div style="text-align: right;"><font style="font-weight: bold;"> <br>
      </font></div>
    <div>
      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002</div>
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      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">I, Mark W. Harding, certify that:</font></div>
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                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">1.</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">I have reviewed this quarterly report on Form 10-Q of Pure Cycle Corporation;</font></div>
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      <div><br>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zde3e7ea251284925a35d1b79bbc6ece5">

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                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">2.</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-size: 10pt; 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>
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        </div>
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      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0fbb721551ad426bbc4f0810a4208b90">

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                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">3.</font></td>
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                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">Based on my knowledge, the consolidated 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>
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        </div>
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      <div><br>
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      <div style="text-align: justify;">
        <div>
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                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">4.</font></td>
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                  <div><font style="font-size: 10pt; 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>
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      <div><br>
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      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z883ec42bbd8f467dbd74d91718d85ad2">

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                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(a)</font></td>
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                  <div><font style="font-size: 10pt; 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>
      <div><br>
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      <div style="text-align: justify;">
        <div>
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                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(b)</font></td>
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                  <div><font style="font-size: 10pt; 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 consolidated financial statements for external purposes in accordance with generally accepted accounting principles;</font></div>
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                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(c)</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">Evaluated the effectiveness of the registrant&#8217;s disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure
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                </td>
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        </div>
      </div>
      <div><br>
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        <div>
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                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(d)</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">Disclosed in this report any change in the registrant&#8217;s internal control over financial reporting that occurred during the registrant&#8217;s most recent fiscal quarter (the
                      registrant&#8217;s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant&#8217;s internal control over financial reporting; and</font></div>
                </td>
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      </div>
      <div><br>
      </div>
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              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Dated: <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">April 8, 2019</font></font></div>
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          <tr>
            <td style="width: 40%; vertical-align: top;">&#160;</td>
            <td style="width: 60%; vertical-align: top;">&#160;</td>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">/s/ Mark W. Harding</font></div>
            </td>
            <td style="width: 60%; vertical-align: top;">&#160;</td>
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          <tr>
            <td style="width: 40%; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Mark W. Harding</font></div>
            </td>
            <td style="width: 60%; vertical-align: top;">&#160;</td>
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      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">EXHIBIT 32.1</div>
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      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,</font></div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">AS ADOPTED PURSUANT TO</font></div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</font></div>
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      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">In connection with the Quarterly Report on Form 10-Q of Pure Cycle Corporation (the &#8220;Company&#8221;) for the quarterly period ended <font style="font-size:
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                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">2.</font></td>
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                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</font></div>
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              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">/s/ Mark W. Harding</font></div>
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          <tr>
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              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">April 8, 2019</font></font></div>
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<TYPE>EX-101.INS
<SEQUENCE>4
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  <us-gaap:CommitmentsAndContingenciesDisclosureTextBlock contextRef="c20180901to20190228">&lt;div style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;NOTE 9 &amp;#8211; COMMITMENTS AND CONTINGENCIES&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;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&amp;#8217;s financial position, results of operations or cash flows. The Company had no contingencies where the risk of loss was reasonably possible as of &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;February 28, 2019&lt;/font&gt; or &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;August 31, 2018&lt;/font&gt;.&lt;/font&gt;&lt;/div&gt;&lt;/div&gt;</us-gaap:CommitmentsAndContingenciesDisclosureTextBlock>
  <!--Common stock, shares authorized (in shares)-->
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  <!--Par value 1/3 of $.01 per share, 40 million shares authorized; 23,801,598 and 23,764,098 shares outstanding, respectively-->
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  <!--Common stock, shares outstanding (in shares)-->
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  <!--Comprehensive Income (Loss), Net of Tax, Attributable to Parent-->
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  <!--Concentration Risk Disclosure [Text Block]-->
  <us-gaap:ConcentrationRiskDisclosureTextBlock contextRef="c20180901to20190228">&lt;div style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;NOTE 7 &amp;#8211; SIGNIFICANT CUSTOMERS&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Water and Wastewater&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Pursuant to the Rangeview Water Agreements (as defined in Note 4 &amp;#8211; &lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;"&gt;Water and Land Assets&lt;/font&gt; in Part II, Item 8 of the 2018 Annual Report) and the Export Service Agreement entered into with the Rangeview District dated June 16, 2017, the Company provides water and wastewater services on the Rangeview District&amp;#8217;s behalf to the Rangeview District&amp;#8217;s customers. Sales to the Rangeview District accounted for 20% and 4% of the Company&amp;#8217;s total water and wastewater revenues for the three months ended &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;February 28, 2019&lt;/font&gt; and &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;2018&lt;/font&gt;, respectively. Sales to the Rangeview District accounted for 7% and 5% of the Company&amp;#8217;s total water and wastewater revenues for the six months ended &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;February 28, 2019&lt;/font&gt; and &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;2018&lt;/font&gt;, respectively. The Rangeview District has one significant customer, the Ridgeview Youth Services Center. The Rangeview District&amp;#8217;s significant customer accounted for 16% and 4% of the Company&amp;#8217;s total water and wastewater revenues for the three months ended &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;February 28, 2019&lt;/font&gt; and &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;2018&lt;/font&gt;, respectively, and 5% and 4% for the six months ended February 28, 2019 and 2018, respectively.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Revenues from two other customers represented approximately 52% and 21%, respectively, of the Company&amp;#8217;s water and wastewater revenues for the three months ended &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;February 28, 2019&lt;/font&gt;. These two customers are in the oil and gas industry. Revenues from two other customers represented approximately 58% and 36%, respectively, of the Company&amp;#8217;s water and wastewater revenues for the three months ended &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;February 28, 2018&lt;/font&gt;. These customers are in the oil and gas industry. Revenues from two other customers represented approximately 43% and 48%, respectively, of the Company&amp;#8217;s water and wastewater revenues for the six months ended &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;February 28, 2019&lt;/font&gt;. These two customers are in the oil and gas industry. Revenues from three other customers represented approximately 57%, 20% and 17%, respectively, of the Company&amp;#8217;s water and wastewater revenues for the six months ended &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;February 28, 2018&lt;/font&gt;. These customers are in the oil and gas industry.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Land Development&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Revenues from three customers represented 100% of the Company&amp;#8217;s land development revenues for the three months ended February 28, 2019. The three customers represented 58%, 27% and 15%, respectively, of the Company&amp;#8217;s land development revenues for the three months ended February 28, 2019. Revenues from three customers represented 100% of the Company&amp;#8217;s land development revenues for the six months ended February 28, 2019. The three customers represented 61%, 30% and 9%, respectively, of the Company&amp;#8217;s land development revenues for the six months ended February 28, 2019. No revenues were recognized from the Company&amp;#8217;s land development activities for the three or six months ended February 28, 2018.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: left;"&gt;&lt;font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"&gt;&lt;u&gt;Accounts Receivable&lt;/u&gt;&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;The Company had accounts receivable from the Rangeview District which accounted for 58% and 3% of the Company&amp;#8217;s trade receivables balances at February 28, 2019 and August 31, 2018, respectively. The Company had accounts receivable from one other customer of approximately 16% at February 28, 2019. The Company had accounts receivable from two other customers of approximately 43% and 30%, respectively, at August 31, 2018. Accounts receivable from the Rangeview District&amp;#8217;s largest customer accounted for 11% and 2% of the Company&amp;#8217;s water and wastewater trade receivables as of February 28, 2019 and August 31, 2018, respectively. Of the trade receivables from the Rangeview District as of February 28, 2019, approximately 82% is related to water tap sales and 18% is related to water and wastewater service sales.&lt;/font&gt;&lt;/div&gt;&lt;/div&gt;</us-gaap:ConcentrationRiskDisclosureTextBlock>
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  <!--Deferred revenues, less current portion-->
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  <!--Contract with Customer, Liability-->
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  <!--Contract with Customer, Liability-Land Development Activities [Member]-->
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  <!--Contract with Customer, Liability-Oil and Gas [Member]-->
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  <!--Contract with Customer, Liability-Wholesale Water and Wastewater Services [Member]-->
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  <!--Contract with Customer, Liability-Lot Sales [Member]-Sky Ranch [Member]-->
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  <!--Contract with Customer, Asset, Net, Current-Land Development Activities [Member]-->
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  <!--Contract with Customer, Asset, Net, Current-Corporate, Non-Segment [Member]-->
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  <!--Contract with Customer, Liability, Current-Lot Sales Second Format [Member]-->
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  <!--Contract with Customer, Liability, Current-Lot Sales Second Format [Member]-->
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border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"&gt;February 28, 2019&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"&gt;August 31, 2018&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Wholesale water and wastewater services&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#8212;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#8212;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Land development activities&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#8212;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#8212;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"&gt;&lt;div style="text-align: left;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Corporate&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#8212;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#8212;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Balance, end of period&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#8212;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#8212;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Changes in contract asset were as follows:&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"&gt;February 28, 2019&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"&gt;August 31, 2018&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Balance, beginning of period&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#8212;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#8212;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Recognition of revenue contract asset&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;1,020,146&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#8212;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Contract asset invoiced&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(1,020,146&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#8212;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Balance, end of period&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#8212;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#8212;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Deferred revenue by segment is as follows:&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"&gt;February 28, 2019&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"&gt;August 31, 2018&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Wholesale water and wastewater services&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#8212;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#8212;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Land development activities&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;1,455,241&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;361,050&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Oil and gas leases&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;88,244&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;116,111&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Balance, end of period&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;1,543,485&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;477,161&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Oil and gas leases, less current portion&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(55,733&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(55,733&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Oil and gas leases, long term&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;32,511&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;60,378&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Total oil and gas leases&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;88,244&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;116,111&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Changes in deferred revenue were as follows:&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; 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text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;477,161&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;1,055,488&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Cumulative effect of adoption of ASU 2014-09&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#8212;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(1,055,488&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;"&gt;&lt;div style="text-align: left; 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vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Approximate&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Aggregate&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Intrinsic Value&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; 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width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;5.31&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; 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vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;10.48&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; 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width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;3.06&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&lt;div style="text-align: left; 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width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#8212;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Outstanding at &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;February 28, 2019&lt;/font&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;580,500&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;6.19&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;6.50&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;2,343,935&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Options exercisable at &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;February 28, 2019&lt;/font&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;428,000&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;5.30&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;5.65&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;2,069,419&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"&gt;&lt;tr&gt;&lt;td style="width: 18pt; vertical-align: top; align: right;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(1)&lt;/font&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top; text-align: left;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Includes 50,000 shares granted to Mr. Harding on September 26, 2018 and 32,500 total shares granted to non-employee directors on January 16, 2019.&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;The following table summarizes the combined activity and value of non-vested options under the 2004 Equity Plan and 2014 Incentive Plan as of and for the &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;six&lt;/font&gt; months ended &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;February 28, 2019&lt;/font&gt;:&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Number&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;of Options&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Weighted Average&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Grant Date&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Fair Value&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Non-vested options outstanding at &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;August 31, 2018&lt;/font&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;155,833&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;3.76&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 16.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Granted&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;82,500&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;4.60&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 16.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Vested&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(85,834&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;3.46&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 16.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Forfeited&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#8212;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#8212;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Non-vested options outstanding at &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;February 28, 2019&lt;/font&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;152,499&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;4.03&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;All non-vested options are expected to vest.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Stock-based compensation expense was $58,200 and $77,400 for the three months ended &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;February 28, 2019&lt;/font&gt; and &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;2018&lt;/font&gt;, respectively.&amp;#160; Stock-based compensation expense was $161,700 and $157,600 for the six months ended February 28, 2019 and 2018, respectively.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;At &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;February 28, 2019&lt;/font&gt;, the Company had unrecognized compensation expenses totaling $458,512 relating to non-vested options that are expected to vest. The weighted-average period over which these options are expected to vest is approximately two years.&lt;/font&gt;&lt;/div&gt;&lt;/div&gt;</us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock>
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  <us-gaap:DueToRelatedPartiesCurrent contextRef="c20190228" unitRef="U002" decimals="0">1932100</us-gaap:DueToRelatedPartiesCurrent>
  <!--Basic net income (loss) per common share (in dollars per share)-->
  <us-gaap:EarningsPerShareBasic contextRef="c20171201to20180228" unitRef="U003" xsi:nil="true" id="Item-1" />
  <!--Basic net income (loss) per common share (in dollars per share)-->
  <us-gaap:EarningsPerShareBasic contextRef="c20181201to20190228" unitRef="U003" xsi:nil="true" id="Item-2" />
  <!--Basic net income (loss) per common share (in dollars per share)-->
  <us-gaap:EarningsPerShareBasic contextRef="c20170901to20180228" unitRef="U003" xsi:nil="true" id="Item-3" />
  <!--Basic net income (loss) per common share (in dollars per share)-->
  <us-gaap:EarningsPerShareBasic contextRef="c20180901to20190228" unitRef="U003" decimals="2">0.02</us-gaap:EarningsPerShareBasic>
  <!--Income (Loss) per Common Share-->
  <us-gaap:EarningsPerSharePolicyTextBlock contextRef="c20180901to20190228">&lt;div style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"&gt;&lt;u&gt;Income (Loss) per Common Share&lt;/u&gt;&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares outstanding during each period. Common stock options of 209,579 common share equivalents as of the six months ended February 28, 2019, were included in the calculation of income per common share as dilutive common stock equivalents using the treasury stock method. Common stock options aggregating 50,000 common share equivalents as of the six months ended &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;February 28, 2019&lt;/font&gt;, have been excluded from the calculation of income per common share as their effect is anti-dilutive. Common stock options of 135,840 common share equivalents as of the six months ended &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;February 28, 2018&lt;/font&gt;, were included in the calculation of income per common share as dilutive common stock equivalents using the treasury stock method. Common stock options aggregating 32,500 common share equivalents as of the six months ended &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;February 28, 2018&lt;/font&gt;, have been excluded from the calculation of income per common share as their effect is anti-dilutive.&lt;/font&gt;&lt;/div&gt;&lt;/div&gt;</us-gaap:EarningsPerSharePolicyTextBlock>
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  <!--Diluted net income (loss) per common share (in dollars per share)-->
  <us-gaap:EarningsPerShareDiluted contextRef="c20170901to20180228" unitRef="U003" xsi:nil="true" id="Item-6" />
  <!--Diluted net income (loss) per common share (in dollars per share)-->
  <us-gaap:EarningsPerShareDiluted contextRef="c20180901to20190228" unitRef="U003" decimals="2">0.02</us-gaap:EarningsPerShareDiluted>
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  <!--Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability-->
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  <us-gaap:FairValueDisclosuresTextBlock contextRef="c20180901to20190228">&lt;div style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;NOTE 2 &amp;#8211; FAIR VALUE MEASUREMENTS&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or most advantageous market. The Company uses a fair value hierarchy that has three levels of inputs, both observable and unobservable, with use of the lowest possible level of significant input to determine where within the fair value hierarchy the measurement falls.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Level 1 &amp;#8212; Valuations for assets and liabilities traded in active exchange markets, such as the NASDAQ Stock Market. The Company had no Level 1 assets or liabilities as of &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;February 28, 2019&lt;/font&gt; or &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;August 31, 2018&lt;/font&gt;.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Level 2 &amp;#8212; Valuations for assets and liabilities obtained from readily available pricing sources via independent providers for market transactions involving similar assets or liabilities. The Company had four and seven Level 2 assets as of &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;February 28, 2019&lt;/font&gt; and &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;August 31, 2018&lt;/font&gt;, respectively, which consist of&amp;#160; U.S. Treasury debt securities.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Level 3 &amp;#8212; Valuations for assets and liabilities that are derived from other valuation methodologies, including discounted cash flow models and similar techniques, and not based on market exchange, dealer, or broker-traded transactions. Level 3 valuations incorporate certain assumptions and projections in determining the fair value assigned to such assets or liabilities. The Company had one Level 3 liability, the contingent portion of the CAA, as of &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;February 28, 2019&lt;/font&gt; and &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;August 31, 2018&lt;/font&gt;. The Company has determined that the contingent portion of the CAA does not have a determinable fair value (see Note 4 &amp;#8211; &lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;"&gt;Long-Term Obligations and Operating Lease)&lt;/font&gt;.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;The Company maintains policies and procedures to value instruments using what management believes to be the best and most relevant data available.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Level 2 Asset &amp;#8211; Investments. &lt;/font&gt;The Company&amp;#8217;s debt securities are the Company&amp;#8217;s only financial asset measured at fair value on a recurring basis. The fair value of investment securities is based on the values reported by the financial institutions where the funds are held. Investment securities include U.S. Treasury debt securities.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;The Company&amp;#8217;s non-financial assets measured at fair value on a non-recurring basis when assessing recoverability consist entirely of its investments in water and water systems and other long-lived assets. See Note 3 &amp;#8211; &lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;"&gt;Water and Land Assets &lt;/font&gt;below.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;The following table provides information on the assets and liabilities measured at fair value on a recurring basis as of &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;February 28, 2019&lt;/font&gt;:&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="10" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Fair Value Measurement Using:&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Fair Value&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Cost /&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Other Value&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Quoted Prices in&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Active Markets&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;for Identical&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Assets&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;(Level 1)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Significant&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Other&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Observable &lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Inputs&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;(Level 2)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Significant&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Unobservable&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Inputs&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;(Level 3)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Accumulated&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Unrealized&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Gains and&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;(Losses)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 28%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;U.S. Treasury debt securities&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;6,938,600&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;6,925,900&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#8212;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;6,938,600&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#8212;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;12,700&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 28%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 16.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Total&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;6,938,600&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;6,925,900&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#8212;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;6,938,600&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#8212;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;12,700&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;The following table provides information on the assets and liabilities measured at fair value on a recurring basis as of &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;August 31, 2018&lt;/font&gt;:&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="10" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Fair Value Measurement Using:&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Fair Value&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Cost /&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Other Value&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Quoted Prices in&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Active Markets&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;for Identical&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Assets&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;(Level 1)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Significant&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Other&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Observable &lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Inputs&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;(Level 2)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Significant&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Unobservable&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Inputs&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;(Level 3)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Accumulated&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Unrealized&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Gains and&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;(Losses)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 28%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;U.S. Treasury debt securities&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;8,718,000&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;8,644,900&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#8212;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;8,718,000&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#8212;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;66,400&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 28%; padding-bottom: 4px; background-color: rgb(255, 255, 255);"&gt;&lt;div style="text-align: left; margin-left: 9pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Total&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;8,718,000&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;8,644,900&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#8212;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;8,718,000&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#8212;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;66,400&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;The Company also holds a certificate of deposit that is not carried at fair value on the consolidated balance sheets and is classified as a held-to-maturity security. As of &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;February 28, 2019&lt;/font&gt;, the carrying amount of held-to-maturity securities was $191,600 and is included in short-term investments in the accompanying consolidated financial statements. As of &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;August 31, 2018&lt;/font&gt;, the carrying amount of held-to-maturity securities was $190,400 and is recorded as long-term investments in the accompanying consolidated financial statements.&lt;/font&gt;&lt;/div&gt;&lt;/div&gt;</us-gaap:FairValueDisclosuresTextBlock>
  <!--Assets and Liabilities Measured at Fair Value on a Recurring Basis-->
  <us-gaap:FairValueAssetsMeasuredOnRecurringBasisTextBlock contextRef="c20180901to20190228">&lt;div style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;The following table provides information on the assets and liabilities measured at fair value on a recurring basis as of &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;February 28, 2019&lt;/font&gt;:&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="10" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Fair Value Measurement Using:&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Fair Value&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Cost /&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Other Value&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Quoted Prices in&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Active Markets&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;for Identical&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Assets&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;(Level 1)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Significant&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Other&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Observable &lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Inputs&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;(Level 2)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Significant&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Unobservable&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Inputs&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;(Level 3)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Accumulated&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Unrealized&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Gains and&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;(Losses)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 28%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;U.S. Treasury debt securities&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;6,938,600&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;6,925,900&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#8212;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;6,938,600&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#8212;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;12,700&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 28%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 16.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Total&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;6,938,600&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;6,925,900&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#8212;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;6,938,600&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#8212;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;12,700&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;The following table provides information on the assets and liabilities measured at fair value on a recurring basis as of &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;August 31, 2018&lt;/font&gt;:&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="10" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Fair Value Measurement Using:&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Fair Value&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Cost /&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Other Value&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Quoted Prices in&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Active Markets&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;for Identical&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Assets&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;(Level 1)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Significant&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Other&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Observable &lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Inputs&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;(Level 2)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Significant&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Unobservable&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Inputs&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;(Level 3)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Accumulated&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; 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background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;8,718,000&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;8,644,900&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#8212;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;8,718,000&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#8212;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;66,400&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 28%; padding-bottom: 4px; background-color: rgb(255, 255, 255);"&gt;&lt;div style="text-align: left; margin-left: 9pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Total&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;8,718,000&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;8,644,900&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#8212;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;8,718,000&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#8212;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;66,400&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:FairValueAssetsMeasuredOnRecurringBasisTextBlock>
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  <us-gaap:IncomeTaxPolicyTextBlock contextRef="c20180901to20190228">&lt;div style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"&gt;&lt;u&gt;Income Taxes&lt;/u&gt;&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;The Company uses a &amp;#8220;more-likely-than-not&amp;#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 did not have any significant unrecognized tax benefits as of &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;February 28, 2019&lt;/font&gt;.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;As a result of H.R.1, commonly known as the Tax Cuts and Jobs Act (the &amp;#8220;Tax Act&amp;#8221;), signed into law on December 22, 2017, the Company has a $282,000 alternative minimum tax (&amp;#8220;AMT&amp;#8221;) deferred tax asset for which it did not have a valuation allowance as of &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;February 28, 2019&lt;/font&gt; and August 31, 2018.&amp;#160; The Company expects to receive the AMT as a refund in future years.&amp;#160; Most, if not all, of this credit will be refundable starting with the filing of the 2018 (fiscal year ending 2019) through 2021 (fiscal year ending 2022) tax returns, subject to limitations of Internal Revenue Code Section 382 (arises with ownership changes) and the sequestration limitation of the Balanced Budget Act of 1997. The Company has evaluated the Tax Act and determined that the impact was immaterial.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;The Company files income tax returns with the Internal Revenue Service and the State of Colorado. The tax years that remain subject to examination are fiscal year 2015 through fiscal year &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;2018&lt;/font&gt;.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;The Company&amp;#8217;s policy is to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. At &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;February 28, 2019&lt;/font&gt;, the Company did not have any accrued interest or penalties associated with any unrecognized tax benefits, nor was any interest expense recognized during the three or six months ended &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;February 28, 2019&lt;/font&gt; or &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;2018&lt;/font&gt;.&lt;/font&gt;&lt;/div&gt;&lt;/div&gt;</us-gaap:IncomeTaxPolicyTextBlock>
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  <us-gaap:InvestmentPolicyTextBlock contextRef="c20180901to20190228">&lt;div style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"&gt;&lt;u&gt;Investments&lt;/u&gt;&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Management determines the appropriate classification of its investments in certificates of deposit and U.S. Treasury debt securities at the time of purchase and re-evaluates such determinations each reporting period.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Certificates of deposit and U.S. Treasury 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 $191,600 of investments classified as held-to-maturity at &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;February 28, 2019&lt;/font&gt;, which represent certificates of deposit with a maturity date in October 2019.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Securities that the Company does not have the positive intent or ability to hold to maturity, including certificates of deposit and U.S. Treasury debt securities, are reported at their fair value. Changes in value of such securities are recorded as a component of &lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;"&gt;Accumulated other comprehensive income (loss).&lt;/font&gt; The cost of securities sold is based on the specific identification method. The Company&amp;#8217;s U.S. Treasury debt securities matured at various dates through March 2019.&lt;/font&gt;&lt;/div&gt;&lt;/div&gt;</us-gaap:InvestmentPolicyTextBlock>
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  <!--Net income-->
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  <!--Net income-->
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  <us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock contextRef="c20180901to20190228">&lt;div style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"&gt;&lt;u&gt;Recently Issued Accounting Pronouncements&lt;/u&gt;&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;The Company continually assesses any new accounting pronouncements to determine their applicability. When it is determined that a new accounting pronouncement affects the Company&amp;#8217;s financial reporting, the Company undertakes a study to determine the consequence of the change to its consolidated financial statements and to ensure that there are proper controls in place to ascertain that the Company&amp;#8217;s consolidated financial statements properly reflect the change. 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This standard is effective for fiscal years beginning after December 15, 2018. The Company is currently assessing the impact of ASU 2016-02.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;In June 2016, the FASB issued ASU No. 2016-13, &lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;"&gt;Financial Instruments &amp;#8211; Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments&lt;/font&gt;.&amp;#160; Among other things, these amendments require the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Companies will now use forward-looking information to better inform their credit loss estimates. The standard is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company is currently assessing the provisions of the standard and the impact of the adoption on its consolidated financial statements.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;In February 2018, the FASB issued ASU 2018-02, Income Statement &amp;#8212; Reporting Comprehensive Income (Topic 220); Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. The amendments in ASU 2018-02 allow a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Act. Consequently, the amendments eliminate the stranded tax effects resulting from the Tax Act and will improve the usefulness of information reported to financial statement users. The amendments are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted in any interim period after issuance of the standard. The Company believes the impact of this standard on its condensed consolidated financial statements is immaterial.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;In June 2018, the FASB issued ASU 2018-07, Compensation &amp;#8212; Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. ASU 2018-07 is intended to reduce cost and complexity and to improve financial reporting for share-based payments issued to nonemployees. This standard expands the scope of ASC Topic 718, &lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;"&gt;Compensation &amp;#8212; Stock Compensation&lt;/font&gt;, which currently only includes share-based payments issued to employees, to include share-based payments issued to nonemployees for goods and services. Consequently, the accounting for share-based payments to nonemployees and employees will be substantially aligned. ASU 2018-07 supersedes ASC Subtopic 505-50, &lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;"&gt;Equity &amp;#8212; Equity-Based Payments to Non-Employees&lt;/font&gt;. The amendments in this ASU are effective for fiscal years beginning after December 15, 2018, including interim periods within these fiscal years. The Company is currently in the process of assessing the impact of this ASU on its condensed consolidated financial statements.&lt;/font&gt;&lt;/div&gt;&lt;/div&gt;</us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock>
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  <us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureAndSignificantAccountingPoliciesTextBlock contextRef="c20180901to20190228">&lt;div style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;NOTE 1 &amp;#8211; PRESENTATION OF INTERIM INFORMATION&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;The &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;February 28, 2019&lt;/font&gt; consolidated balance sheet, the consolidated statements of operations and comprehensive income (loss) for the &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;three and six months&lt;/font&gt; ended &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;February 28, 2019&lt;/font&gt; and &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;2018&lt;/font&gt;, the consolidated statements of shareholders&amp;#8217; equity for the three and &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;six&lt;/font&gt; months ended &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;February 28, 2019&lt;/font&gt; and &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;2018&lt;/font&gt;, and the consolidated statements of cash flows for the &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;six&lt;/font&gt; months ended &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;February 28, 2019&lt;/font&gt; and &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;2018&lt;/font&gt; have been prepared by Pure Cycle Corporation (the &amp;#8220;Company&amp;#8221;) and have not been audited. The unaudited consolidated financial statements include all adjustments that are, in the opinion of management, necessary to present fairly the financial position, results of operations and cash flows at &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;February 28, 2019&lt;/font&gt;, and for all periods presented.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (&amp;#8220;GAAP&amp;#8221;) have been condensed or omitted. It is suggested that these consolidated financial statements be read in conjunction with the financial statements and notes thereto included in the Company&amp;#8217;s Annual Report on Form 10-K for the fiscal year ended &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;August 31, 2018&lt;/font&gt; (the &amp;#8220;2018 Annual Report&amp;#8221;) filed with the Securities and Exchange Commission (the &amp;#8220;SEC&amp;#8221;) on November 13, 2018. The results of operations for interim periods presented are not necessarily indicative of the operating results for the full fiscal year. The &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;August 31, 2018&lt;/font&gt; balance sheet was derived from the Company&amp;#8217;s audited consolidated financial statements.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"&gt;&lt;u&gt;Reclassifications&lt;/u&gt;&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Certain reclassifications have been made to the &lt;/font&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;2018&lt;/font&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt; financial statements to conform to the consolidated 2019 financial statement presentation. These reclassifications had no effect on net earnings or cash flows previously reported.&lt;/font&gt;&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"&gt;&lt;u&gt;Use of Estimates&lt;/u&gt;&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;The preparation of consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"&gt;&lt;u&gt;Cash and Cash Equivalents&lt;/u&gt;&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Cash and cash equivalents include all highly liquid debt instruments with original maturities of three months or less. The Company&amp;#8217;s cash equivalents are comprised entirely of money market funds maintained at a reputable financial institution. At various times during the three months ended &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;February 28, 2019&lt;/font&gt;, the Company&amp;#8217;s main operating account exceeded federally insured limits. To date, the Company has not suffered a loss due to such excess balance.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"&gt;&lt;u&gt;Land Development Inventories&lt;/u&gt;&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Inventories primarily include land held for development and sale and are stated at cost. Capitalized lot development costs at Sky Ranch are costs incurred to construct finished lots at Sky Ranch that meet the Company&amp;#8217;s capitalization criteria for improvements to a lot and are capitalized as incurred. The Company capitalizes certain legal, engineering, design, permitting, land acquisition, and construction costs related to the development of lots at Sky Ranch. The Company uses the specific identification method for the purpose of accumulating land development costs and allocates costs to each lot to determine the cost basis for each lot sale. The Company records land cost of sales for two of three of our builders over time based on inputs of costs to total costs and for one builder at a point in time as lots are delivered.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;In accordance with Accounting Standards Codification (&amp;#8220;ASC&amp;#8221;) Topic 360, &lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;"&gt;Property, Plant and Equipment&lt;/font&gt; (&amp;#8220;ASC 360&amp;#8221;), the Company measures land held for sale at the lower of the carrying value or fair value less estimated costs to sell. In determining fair value, the Company primarily relies upon the most recent negotiated price. If a negotiated price is not available, the Company will consider several factors, including, but not limited to, current market conditions, recent comparable sales transactions and market analysis studies. If the fair value less estimated costs to sell is lower than the current carrying value, the land is impaired to its estimated fair value less costs to sell.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"&gt;&lt;u&gt;Contract Asset&lt;/u&gt;&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Contract receivables are recorded at the invoiced amount and do not bear interest. Credit is extended based on the evaluation of a customer&amp;#8217;s financial condition and collateral is not required. &lt;/font&gt;Contract asset&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt; is revenue which has been earned but not invoiced. The contract assets are transferred to the receivables when the Company has the right to bill such amounts and they are invoiced.&lt;/font&gt;&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&lt;br /&gt;&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"&gt;&lt;u&gt;Investments&lt;/u&gt;&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Management determines the appropriate classification of its investments in certificates of deposit and U.S. Treasury debt securities at the time of purchase and re-evaluates such determinations each reporting period.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Certificates of deposit and U.S. Treasury 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 $191,600 of investments classified as held-to-maturity at &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;February 28, 2019&lt;/font&gt;, which represent certificates of deposit with a maturity date in October 2019.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Securities that the Company does not have the positive intent or ability to hold to maturity, including certificates of deposit and U.S. Treasury debt securities, are reported at their fair value. Changes in value of such securities are recorded as a component of &lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;"&gt;Accumulated other comprehensive income (loss).&lt;/font&gt; The cost of securities sold is based on the specific identification method. The Company&amp;#8217;s U.S. Treasury debt securities matured at various dates through March 2019.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"&gt;&lt;u&gt;Concentration of Credit Risk and Fair Value&lt;/u&gt;&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;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, certificates of deposit and U.S. Treasury obligations. To date, the Company has not experienced significant losses on any of these investments.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;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.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Cash and Cash Equivalents &amp;#8211;&lt;/font&gt; The Company&amp;#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&amp;#8217;s operating and savings accounts. The carrying amounts of cash and cash equivalents approximate fair value.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Trade Accounts Receivable &amp;#8211;&lt;/font&gt; The Company records accounts receivable net of allowances for uncollectible accounts.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Investments &amp;#8211; &lt;/font&gt;The carrying amounts of investments approximate fair value. The Company also holds a certificate of deposit that is not carried at fair value on the consolidated balance sheets and is classified as a held-to-maturity security. Investments are described further in Note 2 &amp;#8211; &lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;"&gt;Fair Value Measurements.&lt;/font&gt;&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Accounts Payable &amp;#8211;&lt;/font&gt; The carrying amounts of accounts payable approximate fair value due to the relatively short period to maturity for these instruments.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Long-Term Financial Liabilities&lt;/font&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;#8211;&lt;/font&gt; Comprehensive Amendment Agreement No. 1 (the &amp;#8220;CAA&amp;#8221;) is comprised of a recorded balance sheet and an off-balance sheet or &amp;#8220;contingent&amp;#8221; obligation associated with the Company&amp;#8217;s acquisition of its &amp;#8220;Rangeview Water Supply&amp;#8221; (as defined in Note 4 &amp;#8211; &lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;"&gt;Water and Land Assets&lt;/font&gt; in Part II, Item 8 of the 2018 Annual Report). The amount payable is a fixed amount but is repayable only upon the sale of &amp;#8220;Export Water&amp;#8221; (as defined in Note 4 &amp;#8211; &lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;"&gt;Water and Land Assets&lt;/font&gt; in Part II, Item 8 of the 2018 Annual Report). Because of the uncertainty of the sale of Export Water, the Company has determined that the contingent portion of the CAA does not have a determinable fair value. The CAA is described further in Note 4 &amp;#8211; &lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;"&gt;Long-Term Obligations and Operating Lease &amp;#8211; Participating Interests in Export Water Supply&lt;/font&gt;.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Notes Receivable &amp;#8211; Related Parties&lt;/font&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;#8211; &lt;/font&gt;The carrying amounts of the notes receivable &amp;#8211; related parties: Rangeview Metropolitan District (the &amp;#8220;Rangeview District&amp;#8221;), Sky Ranch Metropolitan District No. 5, and the Sky Ranch Community Authority Board (the &amp;#8220;CAB&amp;#8221;) approximate their fair value because the interest rates on the notes approximate market rates.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Off-Balance Sheet Instruments &amp;#8211; &lt;/font&gt;The Company&amp;#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 4 &amp;#8211; &lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;"&gt;Long-Term Obligations and Operating Lease &amp;#8211; Participating Interests in Export Water Supply&lt;/font&gt;.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"&gt;&lt;u&gt;Revenue Recognition&lt;/u&gt;&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;The Company disaggregates revenue by major product line as reported on the consolidated statements of operations and comprehensive income (loss).&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;The Company generates revenues through two lines of business. Revenues are derived through its wholesale water and wastewater business and through the sale of developed land primarily for residential lots, both of which businesses are described below.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: left;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Wholesale Water and Wastewater Fees&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;The Company generates revenues through its wholesale water and wastewater business predominantly from three sources: (i) monthly wholesale water usage fees and wastewater service fees, including monthly usage fees for water deliveries to the oil and gas industry for hydraulic fracturing, (ii) one-time water and wastewater tap fees and construction fees/Special Facility funding (as defined below), and (iii) consulting fees. Because these items are separately delivered and distinct, the Company accounts for each of the items separately, as described below.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"&gt;&lt;tr&gt;&lt;td style="width: 18pt;"&gt;&lt;br /&gt;&lt;/td&gt;&lt;td style="width: 18pt; vertical-align: top; align: right;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(i)&lt;/font&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top; text-align: justify;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&lt;u&gt;Monthly water usage and wastewater treatment fees&lt;/u&gt;&lt;/font&gt;&amp;#160;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;&amp;#8211;&lt;/font&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 at a point in time 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 Export Water and other portions of its Rangeview Water Supply off the &amp;#8220;Lowry Range&amp;#8221; (as described in Note 4 &amp;#8211; &lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;"&gt;Water and Land Assets&lt;/font&gt; in Part II, Item 8 of the 2018 Annual Report) are shown gross of royalties to the State of Colorado Board of Land Commissioners (the &amp;#8220;Land Board&amp;#8221;). The Company is the distributor of the Export Water and sets pricing for the sale of Export Water. 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 Rangeview District. For water sales on the Lowry Range, the Rangeview District is directly selling the water and deemed the distributor of the water. The Rangeview District sets the price for the water sales on the Lowry Range. See further description of Export Water, the Lowry Range, and the Rangeview Water Supply in Note 4 &amp;#8211; &lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;"&gt;Water and Land Assets&lt;/font&gt; under &amp;#8220;Rangeview Water Supply and Water System&amp;#8221; in Part II, Item 8 of the 2018 Annual Report.&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify; margin-left: 36pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;In addition to providing domestic water, the Company provides raw water for hydraulic fracturing to industrial customers in the oil and gas industry that are located in and adjacent to its service areas. Frack water revenues are recognized at a point in time upon delivering water to a customer.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify; margin-left: 36pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;The Company delivered 13.8 million and 62.7 million gallons of water to customers during the three months ended February 28, 2019 and 2018, respectively, of which 68% and 94% was used for oil and gas exploration. The Company delivered 135.4 million and 140.2 million gallons of water to customers during the six months ended February 28, 2019 and 2018, respectively, of which 79% and 90% was used for oil and gas exploration.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify; margin-left: 36pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;The Company recognizes wastewater treatment revenues monthly based on a flat monthly fee and actual usage charges. The monthly wastewater treatment fees are shown net of amounts retained by the Rangeview District. Costs of delivering water and providing wastewater service to customers are recognized as incurred.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"&gt;&lt;tr&gt;&lt;td style="width: 18pt;"&gt;&lt;br /&gt;&lt;/td&gt;&lt;td style="width: 18pt; vertical-align: top; align: right;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(ii)&lt;/font&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top; text-align: justify;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&lt;u&gt;Water and wastewater tap fees/Special Facility funding&lt;/u&gt;&lt;/font&gt; &amp;#8211; The Company recognizes water and wastewater tap fees as revenue at the time the Company grants a right for the customer to tap into the water or wastewater service line to obtain service. The Company recognized $392,500 and $0 of water tap fee revenues during the three months ended February 28, 2019 and 2018, respectively, and $619,400 and $49,900 of water tap fee revenues during the six months ended February 28, 2019 and 2018, respectively. The water tap fees recognized are based on the amounts billed by the Rangeview District and any amounts paid to third parties pursuant to the CAA as further described in Note 4 &amp;#8211; &lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;"&gt;Long-Term Obligations and Operating Lease&lt;/font&gt; &amp;#8211; &lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;"&gt;Participating Interests&lt;/font&gt;&amp;#160;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;"&gt;in Export Water Supply&lt;/font&gt; below. The Company recognized $74,500 and $102,500 of wastewater tap fee revenues during the three and six months ended February 28, 2019, respectively. No wastewater taps were sold during the three or six months ended February 28, 2018.&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify; margin-left: 36pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;The Company recognizes construction fees, including fees received to construct &amp;#8220;Special Facilities,&amp;#8221; over time as the construction is completed because the customer is generally able to use the property improvement to enhance the value of other assets during the construction period. Special Facilities are facilities that enable water to be delivered to a single customer and are not otherwise classified as a typical wholesale facility or retail facility. 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. Management has determined that Special Facilities are separate and distinct performance obligations because these projects are contracted to construct a specific water and wastewater system or transmission pipeline and typically do not include multiple performance obligations in a contract with a customer. No Special Facilities revenue has been recognized during the three and six months ended February 28, 2019 or 2018.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"&gt;&lt;tr&gt;&lt;td style="width: 18pt;"&gt;&lt;br /&gt;&lt;/td&gt;&lt;td style="width: 18pt; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(iii)&lt;/font&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top; text-align: justify;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&lt;u&gt;Consulting fees&lt;/u&gt;&lt;/font&gt; &amp;#8211; Consulting fees are fees that the Company receives, typically on a monthly basis, from municipalities and area water providers along the I-70 corridor, for contract operations services over time as services are consumed. Consulting fees are recognized monthly based on a flat monthly fee plus charges for additional work performed. The Company recognized $50,400 and $31,600 of consulting fees during the three months ended February 28, 2019 and 2018, respectively and $110,200 and $58,000 of consulting fees during the six months ended &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;February 28, 2019&lt;/font&gt; and &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;2018&lt;/font&gt;, respectively.&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: left;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Land Development Activities&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;The Company generates revenues through the sale of finished lots at its Sky Ranch development primarily from several sources of revenues: (i) the sale of finished lots, (ii) construction support activities, (iii) project management services, and (iv) reimbursable expenses incurred to develop certain infrastructure.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"&gt;&lt;tr&gt;&lt;td style="width: 18pt;"&gt;&lt;br /&gt;&lt;/td&gt;&lt;td style="width: 18pt; vertical-align: top; align: right;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(i)&lt;/font&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top; text-align: justify;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&lt;u&gt;Sale of finished lots&lt;/u&gt;&lt;/font&gt; &amp;#8211; The Company acquired 931 acres of land zoned as a Master Planned Community known as Sky Ranch along the I-70 corridor east of Denver, Colorado. The Company has entered into purchase and sale agreements with three separate home builders pursuant to which the Company agreed to sell, and each builder agreed to purchase, residential lots at the property. The Company began construction of lots on March 1, 2018 and segments its reporting of the activity relating to the costs and revenues from the construction and sale of lots at Sky Ranch.&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify; margin-left: 36pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;The Company sells lots at Sky Ranch pursuant to distinct agreements with each builder. These agreements follow one of two formats. One format is the sale of a finished lot, whereby the purchaser pays for a ready-to-build finished lot and payment is a lump-sum payment upon completion of the finished lot. The Company recognizes revenues at the point in time of the closing of the sale of a finished lot in which control transfers to the builder and the builder is able to obtain a building permit, as the transaction cycle is complete, and the Company has no further obligations for the lot. As of the three and six months ended February 28, 2019, the Company had received from one home builder in exchange for the delivery of four platted lots a total payment of $300,000, which was recognized at a point of time of the closing of the sale of the finished lots. No revenue was recognized for lot sales at a point in time for the three or six months ended February 28, 2018.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify; margin-left: 36pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;The Company&amp;#8217;s second format is the sale of finished lots pursuant to a development agreement with builders, whereby the Company receives payments in stages that include (i) payment upon the delivery of platted lots (which requires the Company to deliver deeded title to individual lots), (ii) a second payment upon the completion of certain infrastructure milestones, and (iii) final payment upon the delivery of the finished lot. Ownership and control of the platted lots pass to the builders once the Company closes the sale of the platted lots. Because the builder (i.e., the customer) takes control of the lot at the first closing and subsequent improvements made by the Company improve the builder&amp;#8217;s lot as construction progresses, the Company accounts for revenue over time with progress measured based upon costs incurred to date compared to total expected costs and any revenue in excess of amounts entitled to be billed are reflected on the balance sheet as a contract asset and amounts received in excess of revenue recognized are recorded as deferred revenue. As of February 28, 2019, the Company had received from three home builders in exchange for delivery of 150 platted lots total payments of $6.6 million, of which $5.2 million had been recognized based upon costs incurred to date compared to total expected costs. For the three and six months ended February 28, 2019, the Company recognized $1,646,400 and $3,027,600 of lot sales over time, respectively. No revenue was recognized for lot sales for the three or six months ended February 28, 2018. The Company had deferred revenue related to lot sales of $1,455,200 and $0 as of February 28, 2019 and 2018, respectively. The Company does not have any material significant payment terms as all payments are expected to be received within 12 months after the delivery of each platted lot.&amp;#160; The Company adopted the practical expedient for financing components and does not need to account for a financing component of these lot sales as the delivery of lot sales is expected to occur within one year or less.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"&gt;&lt;tr&gt;&lt;td style="width: 18pt;"&gt;&lt;br /&gt;&lt;/td&gt;&lt;td style="width: 18pt; vertical-align: top; align: right;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(ii)&lt;/font&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top; text-align: justify;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&lt;u&gt;Construction support activities&lt;/u&gt;&lt;/font&gt; &amp;#8211; The Company performs certain construction activities at Sky Ranch. The activities performed include construction and maintenance of the grading erosion and sediment control best management practices and other construction-related services. These activities are invoiced upon completion and will accrue to the reimbursable amount due from the CAB upon issuance of municipal bonds by the CAB. Once the municipal bonds are issued, all reimbursable costs will be recorded as a note receivable and will reduce any remaining capitalized costs. Any excess will be recognized as a gain from the sale of municipal bond securities. To date, the Company has invoiced the CAB $340,700 for construction support activities, which amount is included in Inventories.&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"&gt;&lt;tr&gt;&lt;td style="width: 18pt;"&gt;&lt;br /&gt;&lt;/td&gt;&lt;td style="width: 18pt; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(iii)&lt;/font&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top; text-align: justify;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&lt;u&gt;Project management services&lt;/u&gt;&lt;/font&gt; &amp;#8211; The Company entered into two Service Agreements for Project Management Services with the CAB on May 2, 2018. The CAB was organized by Sky Ranch Metropolitan District Nos. 1 and 5 to construct, operate and maintain certain public facilities and improvements in accordance with the Sky Ranch Community Authority Board Establishment Agreement and each of the service plans for Sky Ranch Metropolitan District Nos. 1 and 5. The Company has experience in providing project improvement services and is willing to provide such services to the CAB for reasonable consideration.&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify; margin-left: 36pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Pursuant to these agreements, the Company acts as the project manager and provides any and all services required to deliver the CAB-eligible improvements, including but not limited to CAB compliance; planning design and approvals; project administration; contractor agreements; and construction management and administration. The Company must submit to the CAB a monthly invoice, in a form acceptable to the CAB. Invoices must be submitted no more frequently than once a month. The Company is responsible for all expenses it incurs in the performance of the agreements and is not entitled to any reimbursement or compensation except as defined in the agreements, unless otherwise approved in advance by the CAB in writing. The CAB is subject to annual budget and appropriation procedures and does not intend to create a multiple-fiscal year direct or indirect debt or other financial obligation. The Company receives a project management fee of five percent (5%) of actual construction costs of CAB-eligible improvements. The project management fee qualifies as a reimbursable cost to the Company. The project management fee is based only on the actual costs of the improvements; thus, items such as fees, permits, review fees, consultant or other soft costs, and land acquisition or any other costs that are not directly related to the cost of construction of CAB-eligible improvements are not included in the calculation of the project management fee. Soft costs and other costs that are not directly related to the construction of CAB-eligible improvements are being accrued to the reimbursable amount due from the CAB upon issuance of municipal bonds by the CAB. Once the municipal bonds are issued, all reimbursable costs will be recorded as a note receivable and will reduce any remaining capitalized costs. Any excess will be recognized as a gain from the sale of municipal bond securities. To date, the Company has accrued $580,400&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;&amp;#160;&lt;/font&gt;in project management services to the CAB, which amount is included in Inventories.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"&gt;&lt;tr&gt;&lt;td style="width: 18pt;"&gt;&lt;br /&gt;&lt;/td&gt;&lt;td style="width: 18pt; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(iv)&lt;/font&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top; text-align: justify;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&lt;u&gt;Reimbursable expenses&lt;/u&gt;&lt;/font&gt; &amp;#8211; The CAB is required to construct certain infrastructure, the costs of which qualify as reimbursable costs. Reimbursable costs include water distribution systems, sewer collection systems, storm water system, drainage improvements, roads, curb, sidewalks, landscaping, and parks. The Company is obligated to finance this infrastructure pursuant to its agreements with the CAB (see Note 14 &amp;#8211; &lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;"&gt;Related Parties in Part II, Item 8 of the 2018 Annual Report&lt;/font&gt;). The Company and the CAB have agreed that no payment is required with respect to advances made by the Company or expenses incurred related to construction of improvements unless and until the CAB and/or the Sky Ranch Districts (as defined in Note 6 &amp;#8211; &lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;"&gt;Related Party Transactions&lt;/font&gt;) issue bonds in an amount sufficient to reimburse the Company for all or a portion of the advances made and expenses incurred. Due to this contingency, the reimbursable costs are included in lot development costs until the point in time when bonding is obtained. At that point, all previously incurred reimbursable costs will be recorded as a note receivable.&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;The Company evaluated disaggregation of revenue and has determined that no additional disaggregation of revenue is necessary.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Contract asset by segment is as follows:&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"&gt;February 28, 2019&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"&gt;August 31, 2018&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Wholesale water and wastewater services&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#8212;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#8212;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Land development activities&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#8212;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#8212;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"&gt;&lt;div style="text-align: left;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Corporate&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#8212;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#8212;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Balance, end of period&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#8212;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#8212;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Changes in contract asset were as follows:&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"&gt;February 28, 2019&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"&gt;August 31, 2018&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Balance, beginning of period&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#8212;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#8212;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Recognition of revenue contract asset&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;1,020,146&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#8212;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Contract asset invoiced&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(1,020,146&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#8212;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Balance, end of period&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#8212;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#8212;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Deferred revenue by segment is as follows:&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"&gt;February 28, 2019&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"&gt;August 31, 2018&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Wholesale water and wastewater services&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#8212;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#8212;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Land development activities&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;1,455,241&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;361,050&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Oil and gas leases&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;88,244&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;116,111&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Balance, end of period&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;1,543,485&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;477,161&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Oil and gas leases, less current portion&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(55,733&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(55,733&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Oil and gas leases, long term&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;32,511&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;60,378&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Total oil and gas leases&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;88,244&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;116,111&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Changes in deferred revenue were as follows:&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"&gt;February 28, 2019&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"&gt;August 31, 2018&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Balance, beginning of period&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;477,161&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;1,055,488&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Cumulative effect of adoption of ASU 2014-09&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#8212;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(1,055,488&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Deferral of revenue&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;4,121,768&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;2,667,200&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Recognition of unearned revenue&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(3,055,444&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(2,190,039&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Balance, end of period&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;1,543,485&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;477,161&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Revenue allocated to remaining performance obligations represents contracted revenue that has not yet been recognized (&amp;#8220;contracted not recognized revenue&amp;#8221;), which includes unearned revenue and amounts that will be invoiced and recognized as revenue in future periods. At February 28, 2019, the Company had outstanding open contracts for $29,387,700, which primarily related to the sale of 506 lots at Sky Ranch. The Company expects to recognize approximately 54% of such revenue over the next 12 months.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"&gt;&lt;u&gt;Inventories&lt;/u&gt;&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Inventories include land held for development and sale that the Company has developed and are stated at cost. Capitalized lot development costs at Sky Ranch are costs incurred to construct finished lots at Sky Ranch that meet the Company&amp;#8217;s capitalization criteria for improvements to a lot and are capitalized as incurred. The Company capitalizes certain legal, engineering, design, permitting, land acquisition, and construction costs related to the development of lots at Sky Ranch. The Company uses the specific identification method for purposes of accumulating land development costs and allocates costs to each lot to determine the cost basis for each lot sale. The Company records all land cost of sales for those contracts accounted for over time with progress measured based upon costs incurred to date compared to total expected costs. For customer contracts accounted for at a point in time, all costs are accumulated and recognized at the point in time control transfers to the customer, which is generally at closing for each finished lot. Inventory costs include common area costs that the Company funded through the CAB.&amp;#160; The Company expects that the costs will be reimbursed by the CAB. The Company will record any reimbursements as a reduction of cost once the CAB has the ability to reimburse the costs (i.e., once the CAB has issued bonds).&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;In accordance with ASC 360, the Company measures land held for sale at the lower of the carrying value or fair value less estimated costs to sell. In determining fair value, the Company primarily relies upon the most recent negotiated price. If a negotiated price is not available, the Company will consider several factors, including, but not limited to, current market conditions, recent comparable sales transactions and market analysis studies. If the fair value less estimated costs to sell is lower than the current carrying value, the land is impaired to its estimated fair value less costs to sell.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"&gt;&lt;u&gt;Royalty and Other Obligations&lt;/u&gt;&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;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 invoiced directly by the Rangeview District, and a percentage of such collections are then paid to the Company by the Rangeview District. Water revenue from such sales are shown net of royalties paid to the Land Board and amounts retained by the Rangeview District.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"&gt;&lt;u&gt;Oil and Gas Lease Payments&lt;/u&gt;&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;As further described in Note 2 &amp;#8211; &lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;"&gt;Summary of Significant Accounting Policies&lt;/font&gt; in Part II, Item 8 of the 2018 Annual Report, the Company entered into a Paid-Up Oil and Gas Lease and a Surface Use and Damage Agreement that were subsequently purchased by a wholly owned subsidiary of ConocoPhillips Company. Two wells were drilled within the Company&amp;#8217;s mineral interest and placed into service and began producing oil and gas and accruing royalties to the Company. During the three months ended &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;February 28, 2019&lt;/font&gt; and &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;2018&lt;/font&gt;, the Company received $44,400 and $49,800 net of taxes, respectively, in royalties attributable to these two wells. During the six months ended &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;February 28, 2019&lt;/font&gt; and &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;2018&lt;/font&gt;, the Company received $75,800 and $91,500 net of taxes, respectively, in royalties attributable to these two wells. The Company classifies income from oil and gas lease and royalty payments as &lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;"&gt;Other income&lt;/font&gt; in the statement of operations and comprehensive income (loss) as the Company does not consider these arrangements to be a primary operating business activity.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"&gt;&lt;u&gt;Deferred Revenue&lt;/u&gt;&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Deferred revenue as of February 28, 2019, was comprised of unearned revenue from a Paid-Up Oil and Gas Lease between the Company and Bison Oil and Gas, LLP, for the purpose of exploring for, developing, producing, and marketing oil and gas on the 40 acres of mineral estate that the Company owns adjacent to the Lowry Range (the &amp;#8220;Bison Lease&amp;#8221;) and unearned revenue from advanced payments for lot sales at Sky Ranch.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;The Company received an up-front payment of $167,200 in fiscal 2018, which will be recognized as income on a straight-line basis over three years (the term of the Bison Lease). The Company recognized lease income of $13,900 during each of the three months ended February 28, 2019 and 2018 related to the up-front payment received pursuant to the Bison Lease. The Company recognized lease income of $27,900 and $23,200 during the six months ended February 28, 2019 and 2018, respectively, related to the up-front payment received pursuant to the Bison Lease. As of February 28, 2019, and August 31, 2018, the Company had deferred revenue of $88,300 and $116,100, respectively, related to the Bison Lease that will be recognized as income ratably through September 2020.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;As of February 28, 2019, the Company had deferred revenue from lot sales of approximately $1.5 million, which included (1) a $4.4 million payment from two builders for sales of platted lots at Sky Ranch, net of $3.3 million of lot fee revenue recognized in the six months ended February 28, 2019, based on the input method of total project costs incurred as a percent of completion, and (2) a $2.5 million payment from two builders for sales of platted lots at Sky Ranch, net of $2.1 million of lot fee revenue recognized in fiscal 2018 based on the input method of total project costs incurred as a percent of completion.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"&gt;&lt;u&gt;Long-Lived Assets&lt;/u&gt;&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;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.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"&gt;&lt;u&gt;Capitalized Costs of Water and Wastewater Systems and Depletion and Depreciation of Water Assets&lt;/u&gt;&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Costs to construct water and wastewater systems that meet the Company&amp;#8217;s capitalization criteria are capitalized as incurred, including any 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. The Company depletes its groundwater assets that are being utilized on the basis of units produced (i.e., thousands of gallons sold) divided by the total volume of water adjudicated in the water decrees.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"&gt;&lt;u&gt;Share-Based Compensation&lt;/u&gt;&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;The Company maintains a stock option plan for the benefit of its employees and non-employee directors. The Company records share-based compensation costs as expense over the applicable vesting period of the stock award using the straight-line method. The compensation costs to be expensed are measured at the grant date based on the fair value of the award. The Company has adopted the alternative transition method for calculating the tax effects of share-based compensation, which allows for a simplified method of calculating the tax effects of employee share-based compensation. Because the Company has a full valuation allowance on its deferred tax assets, the granting and exercise of stock options has no impact on the income tax provisions. The Company recognized $58,200 and $77,400 of share-based compensation expense during the three months ended &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;February 28, 2019&lt;/font&gt; and &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;2018&lt;/font&gt;, respectively. The Company recognized $161,700 and $157,600 of share-based compensation expense during the six months ended &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;February 28, 2019&lt;/font&gt; and &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;2018&lt;/font&gt;, respectively.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"&gt;&lt;u&gt;Income Taxes&lt;/u&gt;&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;The Company uses a &amp;#8220;more-likely-than-not&amp;#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 did not have any significant unrecognized tax benefits as of &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;February 28, 2019&lt;/font&gt;.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;As a result of H.R.1, commonly known as the Tax Cuts and Jobs Act (the &amp;#8220;Tax Act&amp;#8221;), signed into law on December 22, 2017, the Company has a $282,000 alternative minimum tax (&amp;#8220;AMT&amp;#8221;) deferred tax asset for which it did not have a valuation allowance as of &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;February 28, 2019&lt;/font&gt; and August 31, 2018.&amp;#160; The Company expects to receive the AMT as a refund in future years.&amp;#160; Most, if not all, of this credit will be refundable starting with the filing of the 2018 (fiscal year ending 2019) through 2021 (fiscal year ending 2022) tax returns, subject to limitations of Internal Revenue Code Section 382 (arises with ownership changes) and the sequestration limitation of the Balanced Budget Act of 1997. The Company has evaluated the Tax Act and determined that the impact was immaterial.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;The Company files income tax returns with the Internal Revenue Service and the State of Colorado. The tax years that remain subject to examination are fiscal year 2015 through fiscal year &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;2018&lt;/font&gt;.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;The Company&amp;#8217;s policy is to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. At &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;February 28, 2019&lt;/font&gt;, the Company did not have any accrued interest or penalties associated with any unrecognized tax benefits, nor was any interest expense recognized during the three or six months ended &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;February 28, 2019&lt;/font&gt; or &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;2018&lt;/font&gt;.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"&gt;&lt;u&gt;Income (Loss) per Common Share&lt;/u&gt;&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares outstanding during each period. Common stock options of 209,579 common share equivalents as of the six months ended February 28, 2019, were included in the calculation of income per common share as dilutive common stock equivalents using the treasury stock method. Common stock options aggregating 50,000 common share equivalents as of the six months ended &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;February 28, 2019&lt;/font&gt;, have been excluded from the calculation of income per common share as their effect is anti-dilutive. Common stock options of 135,840 common share equivalents as of the six months ended &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;February 28, 2018&lt;/font&gt;, were included in the calculation of income per common share as dilutive common stock equivalents using the treasury stock method. Common stock options aggregating 32,500 common share equivalents as of the six months ended &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;February 28, 2018&lt;/font&gt;, have been excluded from the calculation of income per common share as their effect is anti-dilutive.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"&gt;&lt;u&gt;Recently Issued Accounting Pronouncements&lt;/u&gt;&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;The Company continually assesses any new accounting pronouncements to determine their applicability. When it is determined that a new accounting pronouncement affects the Company&amp;#8217;s financial reporting, the Company undertakes a study to determine the consequence of the change to its consolidated financial statements and to ensure that there are proper controls in place to ascertain that the Company&amp;#8217;s consolidated financial statements properly reflect the change. New pronouncements assessed by the Company recently are discussed below:&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;In February 2016, the Financial Accounting Standards Board (&amp;#8220;FASB&amp;#8221;) issued Accounting Standards Update (&amp;#8220;ASU&amp;#8221;) No. 2016-02, &lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;"&gt;Leases (Topic 842). &lt;/font&gt;ASU 2016-02&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;"&gt;&amp;#160;&lt;/font&gt;provides guidance on the recognition, measurement, presentation, and disclosure of leases. The new standard supersedes the present GAAP standard on leases and requires substantially all leases to be reported on the balance sheet as right-of-use assets and lease obligations. This standard is effective for fiscal years beginning after December 15, 2018. The Company is currently assessing the impact of ASU 2016-02.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;In June 2016, the FASB issued ASU No. 2016-13, &lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;"&gt;Financial Instruments &amp;#8211; Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments&lt;/font&gt;.&amp;#160; Among other things, these amendments require the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Companies will now use forward-looking information to better inform their credit loss estimates. The standard is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company is currently assessing the provisions of the standard and the impact of the adoption on its consolidated financial statements.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;In February 2018, the FASB issued ASU 2018-02, Income Statement &amp;#8212; Reporting Comprehensive Income (Topic 220); Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. The amendments in ASU 2018-02 allow a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Act. Consequently, the amendments eliminate the stranded tax effects resulting from the Tax Act and will improve the usefulness of information reported to financial statement users. The amendments are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted in any interim period after issuance of the standard. The Company believes the impact of this standard on its condensed consolidated financial statements is immaterial.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;In June 2018, the FASB issued ASU 2018-07, Compensation &amp;#8212; Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. ASU 2018-07 is intended to reduce cost and complexity and to improve financial reporting for share-based payments issued to nonemployees. This standard expands the scope of ASC Topic 718, &lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;"&gt;Compensation &amp;#8212; Stock Compensation&lt;/font&gt;, which currently only includes share-based payments issued to employees, to include share-based payments issued to nonemployees for goods and services. Consequently, the accounting for share-based payments to nonemployees and employees will be substantially aligned. ASU 2018-07 supersedes ASC Subtopic 505-50, &lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;"&gt;Equity &amp;#8212; Equity-Based Payments to Non-Employees&lt;/font&gt;. The amendments in this ASU are effective for fiscal years beginning after December 15, 2018, including interim periods within these fiscal years. 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  <!--WATER AND LAND ASSETS-->
  <us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock contextRef="c20180901to20190228">&lt;div style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;NOTE 3 &amp;#8211; WATER AND LAND ASSETS&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;The Company&amp;#8217;s water rights and current water and wastewater service agreements are more fully described in Note 4 &amp;#8211; &lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;"&gt;Water and Land Assets&lt;/font&gt; in Part II, Item 8 of the 2018 Annual Report. There have been no significant changes to the Company&amp;#8217;s water rights or water and wastewater service agreements during the &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;six&lt;/font&gt; months ended &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;February 28, 2019&lt;/font&gt;.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"&gt;&lt;u&gt;Investment in Water and Water Systems&lt;/u&gt;&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;The Company&amp;#8217;s Investments in Water and Water Systems consist of the following costs and accumulated depreciation and depletion at &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;February 28, 2019&lt;/font&gt; and &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;August 31, 2018&lt;/font&gt;:&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="6" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"&gt;February 28, 2019&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="6" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"&gt;August 31, 2018&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Costs&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Accumulated&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Depreciation&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;and Depletion&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Costs&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Accumulated&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Depreciation&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;and Depletion&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Rangeview Water Supply&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;14,820,700&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(13,500&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;14,813,800&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(12,800&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Sky Ranch water rights and other costs&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;7,338,100&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(652,600&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;7,171,700&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(561,400&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Fairgrounds water and water system&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;2,899,900&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(1,106,900&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;2,899,900&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(1,062,900&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Rangeview water system&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;2,679,100&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(288,800&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;1,655,600&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(261,200&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Water Supply &amp;#8211; Other&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;4,535,600&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(748,700&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;4,337,200&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(625,300&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Wild Pointe service rights&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;1,631,700&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(267,700&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;1,631,700&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(267,700&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Sky Ranch pipeline&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;5,697,400&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(316,400&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;5,615,900&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(222,000&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Construction in progress&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;5,785,400&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#8212;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;1,609,400&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#8212;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Totals&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;45,387,900&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(3,394,600&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;39,735,200&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(3,013,300&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Net investments in water and water systems&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;41,993,300&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;36,721,900&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: left;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Capitalized terms in this section not defined herein are defined in Note 4 &amp;#8211; &lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;"&gt;Water and Land Assets&lt;/font&gt; in Part II, Item 8 of the 2018 Annual Report.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: left;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Construction in progress primarily consists of capital water projects at Sky Ranch, including the wastewater facility, the water storage tank and the water pump station.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"&gt;&lt;u&gt;Depletion and Depreciation&lt;/u&gt;&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;The Company recorded depletion charges of $200 and $900 during the three months ended &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;February 28, 2019&lt;/font&gt; and &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;2018&lt;/font&gt;, respectively, and $800 and $1,000 during the six months ended &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;February 28, 2019&lt;/font&gt; and &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;2018&lt;/font&gt;, respectively. The depletion was related entirely to the Rangeview Water Supply.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;The Company recorded $251,300 and $169,700 of depreciation expense during the three months ended &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;February 28, 2019&lt;/font&gt; and &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;2018&lt;/font&gt;, respectively. The Company recorded $491,000 and $344,700 of depreciation expense during the six months ended &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;February 28, 2019&lt;/font&gt; and &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;2018&lt;/font&gt;, respectively. These figures include depreciation for other equipment not included in the table above.&lt;/font&gt;&lt;/div&gt;&lt;/div&gt;</us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock>
  <!--Costs-Water Supply - Other [Member]-->
  <us-gaap:PropertyPlantAndEquipmentGross contextRef="c20190228_PropertyPlantAndEquipmentByTypeAxis_WaterSupplyOtherMember" unitRef="U002" decimals="0">4535600</us-gaap:PropertyPlantAndEquipmentGross>
  <!--Costs-Rangeview Water System [Member]-->
  <us-gaap:PropertyPlantAndEquipmentGross contextRef="c20180831_PropertyPlantAndEquipmentByTypeAxis_RangeviewWaterSystemMember" unitRef="U002" decimals="0">1655600</us-gaap:PropertyPlantAndEquipmentGross>
  <!--Costs-Water Supply - Other [Member]-->
  <us-gaap:PropertyPlantAndEquipmentGross contextRef="c20180831_PropertyPlantAndEquipmentByTypeAxis_WaterSupplyOtherMember" unitRef="U002" decimals="0">4337200</us-gaap:PropertyPlantAndEquipmentGross>
  <!--Costs-Rangeview Water System [Member]-->
  <us-gaap:PropertyPlantAndEquipmentGross contextRef="c20190228_PropertyPlantAndEquipmentByTypeAxis_RangeviewWaterSystemMember" unitRef="U002" decimals="0">2679100</us-gaap:PropertyPlantAndEquipmentGross>
  <!--Costs-Wild Pointe Service Rights [Member]-->
  <us-gaap:PropertyPlantAndEquipmentGross contextRef="c20190228_PropertyPlantAndEquipmentByTypeAxis_WildPointeServiceRightsMember" unitRef="U002" decimals="0">1631700</us-gaap:PropertyPlantAndEquipmentGross>
  <!--Costs-Fairgrounds Water And Water System [Member]-->
  <us-gaap:PropertyPlantAndEquipmentGross contextRef="c20180831_PropertyPlantAndEquipmentByTypeAxis_FairgroundsWaterAndWaterSystemMember" unitRef="U002" decimals="0">2899900</us-gaap:PropertyPlantAndEquipmentGross>
  <!--Costs-Fairgrounds Water And Water System [Member]-->
  <us-gaap:PropertyPlantAndEquipmentGross contextRef="c20190228_PropertyPlantAndEquipmentByTypeAxis_FairgroundsWaterAndWaterSystemMember" unitRef="U002" decimals="0">2899900</us-gaap:PropertyPlantAndEquipmentGross>
  <!--Costs-Construction in Progress [Member]-->
  <us-gaap:PropertyPlantAndEquipmentGross contextRef="c20180831_PropertyPlantAndEquipmentByTypeAxis_ConstructionInProgressMember" unitRef="U002" decimals="0">1609400</us-gaap:PropertyPlantAndEquipmentGross>
  <!--Costs-Sky Ranch Water Rights And Other Costs [Member]-->
  <us-gaap:PropertyPlantAndEquipmentGross contextRef="c20180831_PropertyPlantAndEquipmentByTypeAxis_SkyRanchWaterRightsAndOtherCostsMember" unitRef="U002" decimals="0">7171700</us-gaap:PropertyPlantAndEquipmentGross>
  <!--Costs-Sky Ranch Water Rights And Other Costs [Member]-->
  <us-gaap:PropertyPlantAndEquipmentGross contextRef="c20190228_PropertyPlantAndEquipmentByTypeAxis_SkyRanchWaterRightsAndOtherCostsMember" unitRef="U002" decimals="0">7338100</us-gaap:PropertyPlantAndEquipmentGross>
  <!--Costs-Rangeview Water Supply [Member]-->
  <us-gaap:PropertyPlantAndEquipmentGross contextRef="c20180831_PropertyPlantAndEquipmentByTypeAxis_RangeviewWaterSupplyMember" unitRef="U002" decimals="0">14813800</us-gaap:PropertyPlantAndEquipmentGross>
  <!--Costs-Wild Pointe Service Rights [Member]-->
  <us-gaap:PropertyPlantAndEquipmentGross contextRef="c20180831_PropertyPlantAndEquipmentByTypeAxis_WildPointeServiceRightsMember" unitRef="U002" decimals="0">1631700</us-gaap:PropertyPlantAndEquipmentGross>
  <!--Costs-->
  <us-gaap:PropertyPlantAndEquipmentGross contextRef="c20180831" unitRef="U002" decimals="0">39735200</us-gaap:PropertyPlantAndEquipmentGross>
  <!--Costs-Construction in Progress [Member]-->
  <us-gaap:PropertyPlantAndEquipmentGross contextRef="c20190228_PropertyPlantAndEquipmentByTypeAxis_ConstructionInProgressMember" unitRef="U002" decimals="0">5785400</us-gaap:PropertyPlantAndEquipmentGross>
  <!--Costs-->
  <us-gaap:PropertyPlantAndEquipmentGross contextRef="c20190228" unitRef="U002" decimals="0">45387900</us-gaap:PropertyPlantAndEquipmentGross>
  <!--Costs-Sky Ranch pipeline [Member]-->
  <us-gaap:PropertyPlantAndEquipmentGross contextRef="c20190228_PropertyPlantAndEquipmentByTypeAxis_SkyRanchPipelineMember" unitRef="U002" decimals="0">5697400</us-gaap:PropertyPlantAndEquipmentGross>
  <!--Costs-Sky Ranch pipeline [Member]-->
  <us-gaap:PropertyPlantAndEquipmentGross contextRef="c20180831_PropertyPlantAndEquipmentByTypeAxis_SkyRanchPipelineMember" unitRef="U002" decimals="0">5615900</us-gaap:PropertyPlantAndEquipmentGross>
  <!--Costs-Rangeview Water Supply [Member]-->
  <us-gaap:PropertyPlantAndEquipmentGross contextRef="c20190228_PropertyPlantAndEquipmentByTypeAxis_RangeviewWaterSupplyMember" unitRef="U002" decimals="0">14820700</us-gaap:PropertyPlantAndEquipmentGross>
  <!--Investments in Water and Water Systems-->
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border-bottom: #000000 solid 2px;"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"&gt;February 28, 2019&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="6" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"&gt;August 31, 2018&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Costs&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Accumulated&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Depreciation&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;and Depletion&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Costs&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Accumulated&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Depreciation&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;and Depletion&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Rangeview Water Supply&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;14,820,700&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(13,500&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;14,813,800&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(12,800&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Sky Ranch water rights and other costs&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;7,338,100&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(652,600&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;7,171,700&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(561,400&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Fairgrounds water and water system&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;2,899,900&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(1,106,900&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;2,899,900&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(1,062,900&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Rangeview water system&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;2,679,100&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; 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text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(3,394,600&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;39,735,200&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(3,013,300&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Net investments in water and water systems&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;41,993,300&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;36,721,900&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:PropertyPlantAndEquipmentTextBlock>
  <!--Investments in water and water systems, net-->
  <us-gaap:PropertyPlantAndEquipmentNet contextRef="c20180831" unitRef="U002" decimals="0">36721884</us-gaap:PropertyPlantAndEquipmentNet>
  <!--Investments in water and water systems, net-->
  <us-gaap:PropertyPlantAndEquipmentNet contextRef="c20190228" unitRef="U002" decimals="0">41993268</us-gaap:PropertyPlantAndEquipmentNet>
  <!--Recovery of bad debt expense-->
  <us-gaap:ProvisionForDoubtfulAccounts contextRef="c20180901to20190228" unitRef="U002" decimals="0">-31233</us-gaap:ProvisionForDoubtfulAccounts>
  <!--Recovery of bad debt expense-->
  <us-gaap:ProvisionForDoubtfulAccounts contextRef="c20170901to20180228" unitRef="U002" decimals="0">0</us-gaap:ProvisionForDoubtfulAccounts>
  <!--Long-term land investment-->
  <us-gaap:RealEstateInvestments contextRef="c20190228" unitRef="U002" decimals="0">450641</us-gaap:RealEstateInvestments>
  <!--Long-term land investment-->
  <us-gaap:RealEstateInvestments contextRef="c20180831" unitRef="U002" decimals="0">450641</us-gaap:RealEstateInvestments>
  <!--Related Party Transaction, Amounts of Transaction-WISE Partnership [Member]-Rangeview District [Member]-->
  <us-gaap:RelatedPartyTransactionAmountsOfTransaction contextRef="c20170901to20180831_RelatedPartyTransactionAxis_WisePartnershipMember_RelatedPartyTransactionsByRelatedPartyAxis_RangeviewDistrictMember" unitRef="U002" decimals="0">198200</us-gaap:RelatedPartyTransactionAmountsOfTransaction>
  <!--Related Party Transaction, Amounts of Transaction-Rangeview District [Member]-WISE Partnership [Member]-->
  <us-gaap:RelatedPartyTransactionAmountsOfTransaction contextRef="c20180901to20190228_RelatedPartyTransactionAxis_WisePartnershipMember_RelatedPartyTransactionsByRelatedPartyAxis_RangeviewDistrictMember" unitRef="U002" decimals="0">22200</us-gaap:RelatedPartyTransactionAmountsOfTransaction>
  <!--Related Party Transactions Disclosure [Text Block]-->
  <us-gaap:RelatedPartyTransactionsDisclosureTextBlock contextRef="c20180901to20190228">&lt;div style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;NOTE 6 &amp;#8211; RELATED PARTY TRANSACTIONS&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;The Rangeview 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 Rangeview District is governed by an elected board of directors. Eligible voters and persons eligible to serve as a director of the Rangeview District must own an interest in property within the boundaries of the Rangeview District. The Company owns certain rights and real property interests which encompass the current boundaries of the Rangeview District. Sky Ranch Metropolitan District Nos. 1, 3, 4 and 5 (collectively, the &amp;#8220;Sky Ranch Districts&amp;#8221;) and the CAB are quasi-municipal corporations and political subdivisions of Colorado formed for the purpose of providing service to the Company&amp;#8217;s Sky Ranch property. The current members of the board of directors of each of the Rangeview District, the Sky Ranch Districts and the CAB consist of three employees of the Company and one independent board member.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: left;"&gt;&lt;font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"&gt;&lt;u&gt;The Rangeview District&lt;/u&gt;&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;On December 16, 2009, the Company entered into a Participation Agreement with the Rangeview District, whereby the Company agreed to provide funding to the Rangeview District in connection with the Rangeview District joining the South Metro Water Supply Authority (&amp;#8220;SMWSA&amp;#8221;). The Company provides funding pursuant to the Participation Agreement annually with $22,200 and $198,200 being provided during fiscal years &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;2019&lt;/font&gt; and &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;2018&lt;/font&gt;, respectively.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Through the WISE Financing Agreement, the Company agreed to fund the Rangeview District&amp;#8217;s cost of participating in the regional water supply project known as the WISE partnership. The Company anticipates spending approximately $6.8 million over the next five fiscal years to fund the Rangeview District&amp;#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. To date, the Company has capitalized the funding provided pursuant to the WISE Financing Agreement because the funding has been provided to purchase capacity in the WISE infrastructure. The Company&amp;#8217;s total investment in the WISE assets as of &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;February 28, 2019&lt;/font&gt;, is approximately $3.2 million.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;In 1995, the Company extended a loan to the Rangeview District. The loan provided for borrowings of up to $250,000, is unsecured, and bears interest based on the prevailing prime rate plus 2% (6.75% at &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;February 28, 2019&lt;/font&gt;). The maturity date of the loan is December 31, 2020. In January 2014, the Rangeview District and the Company entered into a funding agreement that allows the Company to continue to provide funding to the Rangeview 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. The $917,800 balance of the notes receivable at &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;February 28, 2019&lt;/font&gt;, includes borrowings of $512,400 and accrued interest of $405,400.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: left;"&gt;&lt;font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"&gt;&lt;u&gt;Sky Ranch Metropolitan Districts No. 1, 3, 4 and 5&lt;/u&gt;&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;The Company has been providing funding to the Sky Ranch Districts. In each year since 2012, the Company entered into an Operation Funding Agreement with one of the Sky Ranch Districts, obligating the Company to advance funding to the Sky Ranch District for operations and maintenance expenses for the then-current calendar year. All payments were subject to annual appropriations by the Sky Ranch District in its absolute discretion. The advances by the Company accrued interest at a rate of 8% per annum from the date of the advance. The Operation Funding Agreements have been superseded by the 2018 FFAA as described below.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;In November 2014, but effective as of January 1, 2014, the Company entered into a Facilities Funding and Acquisition Agreement with a Sky Ranch District obligating the Company to either finance district improvements or to construct improvements on behalf of the Sky Ranch District subject to reimbursement. Improvements subject to this agreement were determined pursuant to a mutually agreed upon budget. Each year in September, the parties were to mutually determine the improvements required for the following year and finalize a budget by the end of October. Each advance or reimbursable expense accrued interest at a rate of 6% per annum. Upon the Sky Ranch District&amp;#8217;s ratification of the advances and related expenditures, the amount was reclassified as long-term and is recorded as part of &lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;"&gt;Notes receivable &amp;#8211; related parties&lt;/font&gt;. As of November 30, 2017, the Sky Ranch Districts repaid all advances plus accrued interest totaling $215,504, and as of February 28, 2019 and 2018, there was no outstanding balance on the receivable.&amp;#160; The Facilities Funding and Acquisition Agreement has been superseded by the 2018 FFAA as described below.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"&gt;&lt;u&gt;Sky Ranch Community Authority Board&lt;/u&gt;&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Pursuant to that certain Community Authority Board Establishment Agreement, as the same may be amended from time to time, Sky Ranch Metropolitan District Nos. 1 and 5 formed the CAB to, among other things, design, construct, finance, operate and maintain certain public improvements for the benefit of the property within the boundaries and/or service area of the Sky Ranch Districts. In order for the public improvements to be constructed and/or acquired, it is necessary for each Sky Ranch District, directly or through the CAB, to be able to fund the improvements and pay its ongoing operations and maintenance expenses related to the provision of services that benefit the property. In November 2017, but effective as of January 1, 2018, the Company entered into a Project Funding and Reimbursement Agreement (the &amp;#8220;PF Agreement&amp;#8221;) with the CAB for the Sky Ranch property. Improvements subject to the PF Agreement were determined pursuant to a mutually agreed upon budget. Pursuant to the PF Agreement, each advance or reimbursable expense accrued interest at a rate of 6% per annum.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;On September 18, 2018, the parties entered into a series of agreements, including a Facilities Funding and Acquisition Agreement with an effective date of November 13, 2017 (the &amp;#8220;2018 FFAA&amp;#8221;), which supersedes and consolidates the previous agreements pursuant to which&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"&gt;&lt;tr&gt;&lt;td style="width: 18pt;"&gt;&lt;br /&gt;&lt;/td&gt;&lt;td style="width: 18pt; vertical-align: top; align: right;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#9679;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top; text-align: justify;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;the CAB agreed to repay the amounts owed by Sky Ranch Metropolitan District No. 5 to the Company, and the previous Facilities Funding and Acquisition Agreement entered into between the Company and Sky Ranch Metropolitan District No. 5 in 2014 was terminated;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"&gt;&lt;tr&gt;&lt;td style="width: 18pt;"&gt;&lt;br /&gt;&lt;/td&gt;&lt;td style="width: 18pt; vertical-align: top; align: right;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#9679;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top; text-align: justify;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;the PF Agreement and a June 2018 Funding Acquisition Agreement between the CAB and the Company were terminated;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"&gt;&lt;tr&gt;&lt;td style="width: 18pt;"&gt;&lt;br /&gt;&lt;/td&gt;&lt;td style="width: 18pt; vertical-align: top; align: right;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#9679;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top; text-align: justify;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;the CAB acknowledged all amounts owed to the Company under the terminated agreements, as well as amounts the Company incurred to finance the formation of the CAB; and&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"&gt;&lt;tr&gt;&lt;td style="width: 18pt;"&gt;&lt;br /&gt;&lt;/td&gt;&lt;td style="width: 18pt; vertical-align: top; align: right;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#9679;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top; text-align: justify;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;the Company agreed to fund an agreed upon list of improvements to be constructed by the CAB with an estimated cost of $30,000,000 (including improvements already funded) on an as-needed basis for calendar years 2018&amp;#8211;2023.&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;All amounts owed under the 2018 FFAA bear interest at a rate of 6% per annum. No payment is required of the CAB for advances made to the CAB or expenses incurred related to construction of improvements unless and until the CAB and/or Sky Ranch Districts issue bonds in an amount sufficient to reimburse the Company for all or a portion of advances or other expenses incurred. The CAB agrees to exercise reasonable efforts to issue bonds to reimburse the Company subject to certain limitations. In addition, the CAB agrees to utilize any available moneys not otherwise pledged to payment of debt, used for operation and maintenance expenses, or otherwise encumbered, to reimburse the Company. Any advances not paid or reimbursed by the CAB by December 31, 2058, shall be deemed forever discharged and satisfied in full.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;As of &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;February 28, 2019&lt;/font&gt;, the balance of the Company&amp;#8217;s advances to the CAB plus accrued interest totaled $11.5 million, which is included in Inventories or expensed through lot fee construction costs of revenues. The advances have been used by the CAB to pay for construction of improvements. In the event the CAB issues municipal bonds and reimburses the Company, the reimbursement will be recorded as a reduction to Inventories or if the sale process of the finished lots has been completed, as a gain from the sale of municipal bond securities.&lt;/font&gt;&lt;/div&gt;&lt;/div&gt;</us-gaap:RelatedPartyTransactionsDisclosureTextBlock>
  <!--Rental Income, Nonoperating-->
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  <!--Rental Income, Nonoperating-->
  <us-gaap:RentalIncomeNonoperating contextRef="c20171201to20180228" unitRef="U002" decimals="0">13933</us-gaap:RentalIncomeNonoperating>
  <!--Rental Income, Nonoperating-->
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  <!--Rental Income, Nonoperating-->
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  <!--Accumulated deficit-->
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  <!--Accumulated deficit-->
  <us-gaap:RetainedEarningsAccumulatedDeficit contextRef="c20190228" unitRef="U002" decimals="0">-101986224</us-gaap:RetainedEarningsAccumulatedDeficit>
  <!--Revenue from Contract with Customer, Excluding Assessed Tax-->
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  <!--Revenue from Contract with Customer, Excluding Assessed Tax-->
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  <!--Revenue from Contract with Customer, Excluding Assessed Tax-Service, Other [Member]-->
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  <!--Revenue from Contract with Customer, Excluding Assessed Tax-->
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  <!--Revenue from Contract with Customer, Excluding Assessed Tax-Water Tap Fee [Member]-->
  <us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax contextRef="c20171201to20180228_ProductOrServiceAxis_WaterTapFeeMember" unitRef="U002" decimals="0">0</us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax>
  <!--Revenue from Contract with Customer, Excluding Assessed Tax-Lot Sales [Member]-->
  <us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax contextRef="c20181201to20190228_ProductOrServiceAxis_LotSalesMember" unitRef="U002" decimals="0">1946381</us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax>
  <!--Revenue from Contract with Customer, Excluding Assessed Tax-Lot Sales [Member]-->
  <us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax contextRef="c20171201to20180228_ProductOrServiceAxis_LotSalesMember" unitRef="U002" decimals="0">0</us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax>
  <!--Revenue from Contract with Customer, Excluding Assessed Tax-Service, Other [Member]-->
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  <!--Revenue from Contract with Customer, Excluding Assessed Tax-Metered Water Usage [Member]-->
  <us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax contextRef="c20181201to20190228_ProductOrServiceAxis_MeteredWaterUsageMember" unitRef="U002" decimals="0">159018</us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax>
  <!--Revenue from Contract with Customer, Excluding Assessed Tax-Wastewater Treatment Fees [Member]-->
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Revenues are derived through its wholesale water and wastewater business and through the sale of developed land primarily for residential lots, both of which businesses are described below.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: left;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Wholesale Water and Wastewater Fees&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;The Company generates revenues through its wholesale water and wastewater business predominantly from three sources: (i) monthly wholesale water usage fees and wastewater service fees, including monthly usage fees for water deliveries to the oil and gas industry for hydraulic fracturing, (ii) one-time water and wastewater tap fees and construction fees/Special Facility funding (as defined below), and (iii) consulting fees. Because these items are separately delivered and distinct, the Company accounts for each of the items separately, as described below.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"&gt;&lt;tr&gt;&lt;td style="width: 18pt;"&gt;&lt;br /&gt;&lt;/td&gt;&lt;td style="width: 18pt; vertical-align: top; align: right;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(i)&lt;/font&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top; text-align: justify;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&lt;u&gt;Monthly water usage and wastewater treatment fees&lt;/u&gt;&lt;/font&gt;&amp;#160;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;&amp;#8211;&lt;/font&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 at a point in time 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 Export Water and other portions of its Rangeview Water Supply off the &amp;#8220;Lowry Range&amp;#8221; (as described in Note 4 &amp;#8211; &lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;"&gt;Water and Land Assets&lt;/font&gt; in Part II, Item 8 of the 2018 Annual Report) are shown gross of royalties to the State of Colorado Board of Land Commissioners (the &amp;#8220;Land Board&amp;#8221;). The Company is the distributor of the Export Water and sets pricing for the sale of Export Water. 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 Rangeview District. For water sales on the Lowry Range, the Rangeview District is directly selling the water and deemed the distributor of the water. The Rangeview District sets the price for the water sales on the Lowry Range. See further description of Export Water, the Lowry Range, and the Rangeview Water Supply in Note 4 &amp;#8211; &lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;"&gt;Water and Land Assets&lt;/font&gt; under &amp;#8220;Rangeview Water Supply and Water System&amp;#8221; in Part II, Item 8 of the 2018 Annual Report.&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify; margin-left: 36pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;In addition to providing domestic water, the Company provides raw water for hydraulic fracturing to industrial customers in the oil and gas industry that are located in and adjacent to its service areas. Frack water revenues are recognized at a point in time upon delivering water to a customer.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify; margin-left: 36pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;The Company delivered 13.8 million and 62.7 million gallons of water to customers during the three months ended February 28, 2019 and 2018, respectively, of which 68% and 94% was used for oil and gas exploration. The Company delivered 135.4 million and 140.2 million gallons of water to customers during the six months ended February 28, 2019 and 2018, respectively, of which 79% and 90% was used for oil and gas exploration.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify; margin-left: 36pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;The Company recognizes wastewater treatment revenues monthly based on a flat monthly fee and actual usage charges. The monthly wastewater treatment fees are shown net of amounts retained by the Rangeview District. Costs of delivering water and providing wastewater service to customers are recognized as incurred.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"&gt;&lt;tr&gt;&lt;td style="width: 18pt;"&gt;&lt;br /&gt;&lt;/td&gt;&lt;td style="width: 18pt; vertical-align: top; align: right;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(ii)&lt;/font&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top; text-align: justify;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&lt;u&gt;Water and wastewater tap fees/Special Facility funding&lt;/u&gt;&lt;/font&gt; &amp;#8211; The Company recognizes water and wastewater tap fees as revenue at the time the Company grants a right for the customer to tap into the water or wastewater service line to obtain service. The Company recognized $392,500 and $0 of water tap fee revenues during the three months ended February 28, 2019 and 2018, respectively, and $619,400 and $49,900 of water tap fee revenues during the six months ended February 28, 2019 and 2018, respectively. The water tap fees recognized are based on the amounts billed by the Rangeview District and any amounts paid to third parties pursuant to the CAA as further described in Note 4 &amp;#8211; &lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;"&gt;Long-Term Obligations and Operating Lease&lt;/font&gt; &amp;#8211; &lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;"&gt;Participating Interests&lt;/font&gt;&amp;#160;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;"&gt;in Export Water Supply&lt;/font&gt; below. The Company recognized $74,500 and $102,500 of wastewater tap fee revenues during the three and six months ended February 28, 2019, respectively. No wastewater taps were sold during the three or six months ended February 28, 2018.&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify; margin-left: 36pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;The Company recognizes construction fees, including fees received to construct &amp;#8220;Special Facilities,&amp;#8221; over time as the construction is completed because the customer is generally able to use the property improvement to enhance the value of other assets during the construction period. Special Facilities are facilities that enable water to be delivered to a single customer and are not otherwise classified as a typical wholesale facility or retail facility. 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. Management has determined that Special Facilities are separate and distinct performance obligations because these projects are contracted to construct a specific water and wastewater system or transmission pipeline and typically do not include multiple performance obligations in a contract with a customer. No Special Facilities revenue has been recognized during the three and six months ended February 28, 2019 or 2018.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"&gt;&lt;tr&gt;&lt;td style="width: 18pt;"&gt;&lt;br /&gt;&lt;/td&gt;&lt;td style="width: 18pt; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(iii)&lt;/font&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top; text-align: justify;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&lt;u&gt;Consulting fees&lt;/u&gt;&lt;/font&gt; &amp;#8211; Consulting fees are fees that the Company receives, typically on a monthly basis, from municipalities and area water providers along the I-70 corridor, for contract operations services over time as services are consumed. Consulting fees are recognized monthly based on a flat monthly fee plus charges for additional work performed. The Company recognized $50,400 and $31,600 of consulting fees during the three months ended February 28, 2019 and 2018, respectively and $110,200 and $58,000 of consulting fees during the six months ended &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;February 28, 2019&lt;/font&gt; and &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;2018&lt;/font&gt;, respectively.&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: left;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Land Development Activities&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;The Company generates revenues through the sale of finished lots at its Sky Ranch development primarily from several sources of revenues: (i) the sale of finished lots, (ii) construction support activities, (iii) project management services, and (iv) reimbursable expenses incurred to develop certain infrastructure.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"&gt;&lt;tr&gt;&lt;td style="width: 18pt;"&gt;&lt;br /&gt;&lt;/td&gt;&lt;td style="width: 18pt; vertical-align: top; align: right;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(i)&lt;/font&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top; text-align: justify;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&lt;u&gt;Sale of finished lots&lt;/u&gt;&lt;/font&gt; &amp;#8211; The Company acquired 931 acres of land zoned as a Master Planned Community known as Sky Ranch along the I-70 corridor east of Denver, Colorado. The Company has entered into purchase and sale agreements with three separate home builders pursuant to which the Company agreed to sell, and each builder agreed to purchase, residential lots at the property. The Company began construction of lots on March 1, 2018 and segments its reporting of the activity relating to the costs and revenues from the construction and sale of lots at Sky Ranch.&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify; margin-left: 36pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;The Company sells lots at Sky Ranch pursuant to distinct agreements with each builder. These agreements follow one of two formats. One format is the sale of a finished lot, whereby the purchaser pays for a ready-to-build finished lot and payment is a lump-sum payment upon completion of the finished lot. The Company recognizes revenues at the point in time of the closing of the sale of a finished lot in which control transfers to the builder and the builder is able to obtain a building permit, as the transaction cycle is complete, and the Company has no further obligations for the lot. As of the three and six months ended February 28, 2019, the Company had received from one home builder in exchange for the delivery of four platted lots a total payment of $300,000, which was recognized at a point of time of the closing of the sale of the finished lots. No revenue was recognized for lot sales at a point in time for the three or six months ended February 28, 2018.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify; margin-left: 36pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;The Company&amp;#8217;s second format is the sale of finished lots pursuant to a development agreement with builders, whereby the Company receives payments in stages that include (i) payment upon the delivery of platted lots (which requires the Company to deliver deeded title to individual lots), (ii) a second payment upon the completion of certain infrastructure milestones, and (iii) final payment upon the delivery of the finished lot. Ownership and control of the platted lots pass to the builders once the Company closes the sale of the platted lots. Because the builder (i.e., the customer) takes control of the lot at the first closing and subsequent improvements made by the Company improve the builder&amp;#8217;s lot as construction progresses, the Company accounts for revenue over time with progress measured based upon costs incurred to date compared to total expected costs and any revenue in excess of amounts entitled to be billed are reflected on the balance sheet as a contract asset and amounts received in excess of revenue recognized are recorded as deferred revenue. As of February 28, 2019, the Company had received from three home builders in exchange for delivery of 150 platted lots total payments of $6.6 million, of which $5.2 million had been recognized based upon costs incurred to date compared to total expected costs. For the three and six months ended February 28, 2019, the Company recognized $1,646,400 and $3,027,600 of lot sales over time, respectively. No revenue was recognized for lot sales for the three or six months ended February 28, 2018. The Company had deferred revenue related to lot sales of $1,455,200 and $0 as of February 28, 2019 and 2018, respectively. The Company does not have any material significant payment terms as all payments are expected to be received within 12 months after the delivery of each platted lot.&amp;#160; The Company adopted the practical expedient for financing components and does not need to account for a financing component of these lot sales as the delivery of lot sales is expected to occur within one year or less.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"&gt;&lt;tr&gt;&lt;td style="width: 18pt;"&gt;&lt;br /&gt;&lt;/td&gt;&lt;td style="width: 18pt; vertical-align: top; align: right;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(ii)&lt;/font&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top; text-align: justify;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&lt;u&gt;Construction support activities&lt;/u&gt;&lt;/font&gt; &amp;#8211; The Company performs certain construction activities at Sky Ranch. The activities performed include construction and maintenance of the grading erosion and sediment control best management practices and other construction-related services. These activities are invoiced upon completion and will accrue to the reimbursable amount due from the CAB upon issuance of municipal bonds by the CAB. Once the municipal bonds are issued, all reimbursable costs will be recorded as a note receivable and will reduce any remaining capitalized costs. Any excess will be recognized as a gain from the sale of municipal bond securities. To date, the Company has invoiced the CAB $340,700 for construction support activities, which amount is included in Inventories.&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"&gt;&lt;tr&gt;&lt;td style="width: 18pt;"&gt;&lt;br /&gt;&lt;/td&gt;&lt;td style="width: 18pt; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(iii)&lt;/font&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top; text-align: justify;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&lt;u&gt;Project management services&lt;/u&gt;&lt;/font&gt; &amp;#8211; The Company entered into two Service Agreements for Project Management Services with the CAB on May 2, 2018. The CAB was organized by Sky Ranch Metropolitan District Nos. 1 and 5 to construct, operate and maintain certain public facilities and improvements in accordance with the Sky Ranch Community Authority Board Establishment Agreement and each of the service plans for Sky Ranch Metropolitan District Nos. 1 and 5. The Company has experience in providing project improvement services and is willing to provide such services to the CAB for reasonable consideration.&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify; margin-left: 36pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Pursuant to these agreements, the Company acts as the project manager and provides any and all services required to deliver the CAB-eligible improvements, including but not limited to CAB compliance; planning design and approvals; project administration; contractor agreements; and construction management and administration. The Company must submit to the CAB a monthly invoice, in a form acceptable to the CAB. Invoices must be submitted no more frequently than once a month. The Company is responsible for all expenses it incurs in the performance of the agreements and is not entitled to any reimbursement or compensation except as defined in the agreements, unless otherwise approved in advance by the CAB in writing. The CAB is subject to annual budget and appropriation procedures and does not intend to create a multiple-fiscal year direct or indirect debt or other financial obligation. The Company receives a project management fee of five percent (5%) of actual construction costs of CAB-eligible improvements. The project management fee qualifies as a reimbursable cost to the Company. The project management fee is based only on the actual costs of the improvements; thus, items such as fees, permits, review fees, consultant or other soft costs, and land acquisition or any other costs that are not directly related to the cost of construction of CAB-eligible improvements are not included in the calculation of the project management fee. Soft costs and other costs that are not directly related to the construction of CAB-eligible improvements are being accrued to the reimbursable amount due from the CAB upon issuance of municipal bonds by the CAB. Once the municipal bonds are issued, all reimbursable costs will be recorded as a note receivable and will reduce any remaining capitalized costs. Any excess will be recognized as a gain from the sale of municipal bond securities. To date, the Company has accrued $580,400&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;&amp;#160;&lt;/font&gt;in project management services to the CAB, which amount is included in Inventories.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"&gt;&lt;tr&gt;&lt;td style="width: 18pt;"&gt;&lt;br /&gt;&lt;/td&gt;&lt;td style="width: 18pt; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(iv)&lt;/font&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top; text-align: justify;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&lt;u&gt;Reimbursable expenses&lt;/u&gt;&lt;/font&gt; &amp;#8211; The CAB is required to construct certain infrastructure, the costs of which qualify as reimbursable costs. Reimbursable costs include water distribution systems, sewer collection systems, storm water system, drainage improvements, roads, curb, sidewalks, landscaping, and parks. The Company is obligated to finance this infrastructure pursuant to its agreements with the CAB (see Note 14 &amp;#8211; &lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;"&gt;Related Parties in Part II, Item 8 of the 2018 Annual Report&lt;/font&gt;). The Company and the CAB have agreed that no payment is required with respect to advances made by the Company or expenses incurred related to construction of improvements unless and until the CAB and/or the Sky Ranch Districts (as defined in Note 6 &amp;#8211; &lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;"&gt;Related Party Transactions&lt;/font&gt;) issue bonds in an amount sufficient to reimburse the Company for all or a portion of the advances made and expenses incurred. Due to this contingency, the reimbursable costs are included in lot development costs until the point in time when bonding is obtained. At that point, all previously incurred reimbursable costs will be recorded as a note receivable.&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;The Company evaluated disaggregation of revenue and has determined that no additional disaggregation of revenue is necessary.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Contract asset by segment is as follows:&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"&gt;February 28, 2019&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"&gt;August 31, 2018&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Wholesale water and wastewater services&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#8212;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#8212;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Land development activities&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#8212;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#8212;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"&gt;&lt;div style="text-align: left;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Corporate&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#8212;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#8212;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Balance, end of period&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#8212;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#8212;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Changes in contract asset were as follows:&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"&gt;February 28, 2019&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"&gt;August 31, 2018&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Balance, beginning of period&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#8212;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#8212;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Recognition of revenue contract asset&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;1,020,146&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#8212;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Contract asset invoiced&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(1,020,146&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#8212;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Balance, end of period&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#8212;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#8212;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Deferred revenue by segment is as follows:&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"&gt;February 28, 2019&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"&gt;August 31, 2018&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Wholesale water and wastewater services&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#8212;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#8212;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Land development activities&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;1,455,241&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;361,050&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Oil and gas leases&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;88,244&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;116,111&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Balance, end of period&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;1,543,485&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;477,161&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Oil and gas leases, less current portion&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(55,733&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(55,733&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Oil and gas leases, long term&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;32,511&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;60,378&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Total oil and gas leases&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;88,244&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;116,111&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Changes in deferred revenue were as follows:&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"&gt;February 28, 2019&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"&gt;August 31, 2018&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Balance, beginning of period&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;477,161&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;1,055,488&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Cumulative effect of adoption of ASU 2014-09&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#8212;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(1,055,488&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Deferral of revenue&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;4,121,768&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;2,667,200&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Recognition of unearned revenue&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(3,055,444&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(2,190,039&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Balance, end of period&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;1,543,485&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;477,161&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Revenue allocated to remaining performance obligations represents contracted revenue that has not yet been recognized (&amp;#8220;contracted not recognized revenue&amp;#8221;), which includes unearned revenue and amounts that will be invoiced and recognized as revenue in future periods. At February 28, 2019, the Company had outstanding open contracts for $29,387,700, which primarily related to the sale of 506 lots at Sky Ranch. The Company expects to recognize approximately 54% of such revenue over the next 12 months.&lt;/font&gt;&lt;/div&gt;&lt;/div&gt;</us-gaap:RevenueFromContractWithCustomerPolicyTextBlock>
  <!--Oil and gas royalty income, net-->
  <us-gaap:RoyaltyIncomeNonoperating contextRef="c20170901to20180228" unitRef="U002" decimals="0">91540</us-gaap:RoyaltyIncomeNonoperating>
  <!--Oil and gas royalty income, net-->
  <us-gaap:RoyaltyIncomeNonoperating contextRef="c20171201to20180228" unitRef="U002" decimals="0">49778</us-gaap:RoyaltyIncomeNonoperating>
  <!--Oil and gas royalty income, net-->
  <us-gaap:RoyaltyIncomeNonoperating contextRef="c20181201to20190228" unitRef="U002" decimals="0">44416</us-gaap:RoyaltyIncomeNonoperating>
  <!--Oil and gas royalty income, net-->
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  <!--Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares-2004 Incentive Plan and 2014 Equity Plan [Member]-->
  <us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares contextRef="c20180901to20190228_PlanNameAxis_Two004IncentivePlanAnd2014EquityPlanMember" unitRef="U001" decimals="INF">85834</us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares>
  <!--Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value-2004 Incentive Plan and 2014 Equity Plan [Member]-->
  <us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1 contextRef="c20190228_PlanNameAxis_Two004IncentivePlanAnd2014EquityPlanMember" unitRef="U002" decimals="0">2069419</us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1>
  <!--Share-based Compensation Arrangement by Share-based Payment Award, Option, Nonvested, Weighted Average Exercise Price-2004 Incentive Plan and 2014 Equity Plan [Member]-->
  <us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue contextRef="c20180831_PlanNameAxis_Two004IncentivePlanAnd2014EquityPlanMember" unitRef="U003" decimals="2">3.76</us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue>
  <!--Share-based Compensation Arrangement by Share-based Payment Award, Option, Nonvested, Weighted Average Exercise Price-2004 Incentive Plan and 2014 Equity Plan [Member]-->
  <us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue contextRef="c20190228_PlanNameAxis_Two004IncentivePlanAnd2014EquityPlanMember" unitRef="U003" decimals="2">4.03</us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue>
  <!--Vested (in dollars per share)-2004 Incentive Plan and 2014 Equity Plan [Member]-->
  <us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue contextRef="c20180901to20190228_PlanNameAxis_Two004IncentivePlanAnd2014EquityPlanMember" unitRef="U003" decimals="2">3.46</us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue>
  <!--Value of Non-vested Options-->
  <us-gaap:ScheduleOfNonvestedShareActivityTableTextBlock contextRef="c20180901to20190228">&lt;div style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;The following table summarizes the combined activity and value of non-vested options under the 2004 Equity Plan and 2014 Incentive Plan as of and for the &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;six&lt;/font&gt; months ended &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;February 28, 2019&lt;/font&gt;:&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Number&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;of Options&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Weighted Average&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Grant Date&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Fair Value&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Non-vested options outstanding at &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;August 31, 2018&lt;/font&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;155,833&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;3.76&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 16.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Granted&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;82,500&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;4.60&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 16.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Vested&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(85,834&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;3.46&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 16.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Forfeited&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#8212;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#8212;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Non-vested options outstanding at &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;February 28, 2019&lt;/font&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;152,499&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;4.03&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:ScheduleOfNonvestedShareActivityTableTextBlock>
  <!--Stock Option Activity-->
  <us-gaap:ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock contextRef="c20180901to20190228">&lt;div style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;The following table summarizes the combined stock option activity for the 2004 Incentive Plan and 2014 Equity Plan for the &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;six&lt;/font&gt; months ended &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;February 28, 2019&lt;/font&gt;:&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Number&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;of Options&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Weighted Average&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Exercise Price&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Weighted Average&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Remaining&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Contractual Term&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Approximate&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Aggregate&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Intrinsic Value&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Outstanding at &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;August 31, 2018&lt;/font&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;535,500&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;5.31&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;6.04&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;3,180,990&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; 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width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#8212;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Outstanding at &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;February 28, 2019&lt;/font&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;580,500&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;6.19&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;6.50&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;2,343,935&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Options exercisable at &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;February 28, 2019&lt;/font&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;428,000&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;5.30&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;5.65&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;2,069,419&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"&gt;&lt;tr&gt;&lt;td style="width: 18pt; vertical-align: top; align: right;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(1)&lt;/font&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top; text-align: left;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Includes 50,000 shares granted to Mr. Harding on September 26, 2018 and 32,500 total shares granted to non-employee directors on January 16, 2019.&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock>
  <!--Remaining Third Party Obligation-->
  <us-gaap:ScheduleOfDebtTableTextBlock contextRef="c20180901to20190228">&lt;div style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;div&gt;The remaining potential third-party obligation at , is approximately $1 million.&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Export&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Water&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Proceeds&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Received&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Initial Export&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Water&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Proceeds to&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Pure Cycle&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Total&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Potential&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Third-Party &lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Obligation&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Participating&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Interests&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Liability&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Contingency&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #CCEEFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Original balances&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#8212;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;218,500&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;31,807,700&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;11,090,600&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;20,717,100&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #FFFFFF;"&gt;&lt;div style="text-align: left; 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vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #CCEEFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 16.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Acquisitions&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#8212;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;28,042,500&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(28,042,500&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(9,790,000&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(18,252,500&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #FFFFFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 16.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Relinquishment&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#8212;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;2,386,400&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(2,386,400&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(832,100&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(1,554,300&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #CCEEFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 16.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Option payments - Sky Ranch and The Hills at Sky Ranch&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;110,400&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; 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text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(68,100&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(23,800&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(44,300&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #FFFFFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 16.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Arapahoe County tap fees (1)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;533,000&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(373,100&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; 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width: 40%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 16.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Export Water sale payments&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;737,300&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(593,900&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(143,400&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; 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text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(93,600&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #FFFFFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Balance at &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;August 31, 2018&lt;/font&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; 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text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 40%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 16.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Export Water sale payments&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;138,900&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(122,400&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(16,500&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(5,800&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(10,700&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 40%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Balance at &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;February 28, 2019&lt;/font&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;1,519,600&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;29,515,700&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;990,900&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;333,300&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;657,600&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"&gt;&lt;tr&gt;&lt;td style="width: 18pt; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(1)&lt;/font&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top; text-align: left;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;The Arapahoe County tap fees are net of $34,522 in royalties paid to the Land Board.&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:ScheduleOfDebtTableTextBlock>
  <!--Information by Segments-->
  <us-gaap:ScheduleOfSegmentReportingInformationBySegmentTextBlock contextRef="c20180901to20190228">&lt;div style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;div style="text-align: left;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;The following table summarizes wholesale water and wastewater services and land development revenue information by segment:&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="6" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"&gt;Three Months Ended February 28,&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="6" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Six Month Ended February 28&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt; 2019&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"&gt;2018&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt; 2019&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt; 2018&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Wholesale water and wastewater services&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;684,038&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;844,661&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;2,375,391&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;1,854,793&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Land development activities&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;1,946,381&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#8212;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;3,327,577&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;-&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Total revenues&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;2,630,419&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;844,661&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;5,702,968&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;1,854,793&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;The following table summarizes wholesale water and wastewater services and land development pretax income by segment:&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="6" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"&gt;Three Months Ended February 28,&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="6" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Six Months Ended February 28,&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"&gt; 2019&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"&gt;2018&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt; 2019&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt; 2018&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Wholesale water and wastewater services&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;257,509&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;564,924&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;1,420,582&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;1,080,204&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Land development activities&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;116,783&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#8212;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;199,655&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;-&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Corporate&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(470,317&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(464,762&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(1,082,290&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(1,076,653&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Total pretax income (loss)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(96,025&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;100,162&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;537,947&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;3,551&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;The following table summarizes total assets for the Company&amp;#8217;s wholesale water and wastewater services business and land development business by segment.&amp;#160; The assets consist of water rights and water and wastewater systems in the Company&amp;#8217;s wholesale water and wastewater services segment. The assets consist of land, inventories and deposits in the Company&amp;#8217;s land development segment.&amp;#160; The Company&amp;#8217;s other assets primarily consist of cash and cash equivalents, equipment, mineral rights, related party notes receivables and a deferred tax asset.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"&gt;February 28, 2019&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"&gt;August 31, 2018&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Wholesale water and wastewater services&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;41,993,268&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;36,721,884&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Land development activities&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;16,732,957&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;9,497,106&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Corporate&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;15,619,708&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;25,687,625&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Total assets&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;74,345,933&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;71,906,615&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:ScheduleOfSegmentReportingInformationBySegmentTextBlock>
  <!--SEGMENT INFORMATION-->
  <us-gaap:SegmentReportingDisclosureTextBlock contextRef="c20180901to20190228">&lt;div style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;NOTE 10 &amp;#8211; SEGMENT INFORMATION&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;An operating segment is defined as a component of an enterprise for which discrete financial information is available and is reviewed regularly by the Chief Operating Decision Maker (the &amp;#8220;CODM&amp;#8221;), or decision-making group, to evaluate performance and make operating decisions. The Company has identified its CODM as the Chief Executive Officer.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;During the year 2018, the Company began construction of lots at Sky Ranch, which the Company has identified as a segment. Currently, the Company operates its wholesale water and wastewater services segment and land development activities at Sky Ranch as its two lines of business.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;The wholesale water and wastewater services business includes selling water service to customers, which water is 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.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;As part of the Company&amp;#8217;s land development activities at Sky Ranch, the Company entered into contracts for the sale of lots (see Note 2 &amp;#8211; &lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;"&gt;Summary of Significant Accounting Policies in Part II, Item 8 of the 2018 Annual Report&lt;/font&gt;). The Company identified land development and lot sales as a separate segment beginning in the fiscal year 2018.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Oil and gas royalties and licenses are a passive activity and not an operating business activity and, therefore, are not classified as a segment.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: left;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;The following table summarizes wholesale water and wastewater services and land development revenue information by segment:&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="6" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"&gt;Three Months Ended February 28,&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="6" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Six Month Ended February 28&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt; 2019&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"&gt;2018&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt; 2019&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt; 2018&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Wholesale water and wastewater services&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;684,038&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;844,661&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;2,375,391&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;1,854,793&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Land development activities&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;1,946,381&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#8212;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;3,327,577&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;-&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Total revenues&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;2,630,419&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;844,661&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;5,702,968&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;1,854,793&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;The following table summarizes wholesale water and wastewater services and land development pretax income by segment:&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="6" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"&gt;Three Months Ended February 28,&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="6" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Six Months Ended February 28,&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"&gt; 2019&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"&gt;2018&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt; 2019&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt; 2018&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Wholesale water and wastewater services&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;257,509&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;564,924&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;1,420,582&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;1,080,204&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Land development activities&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;116,783&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#8212;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;199,655&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;-&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Corporate&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(470,317&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(464,762&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(1,082,290&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(1,076,653&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Total pretax income (loss)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(96,025&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;100,162&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;537,947&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;3,551&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;The following table summarizes total assets for the Company&amp;#8217;s wholesale water and wastewater services business and land development business by segment.&amp;#160; The assets consist of water rights and water and wastewater systems in the Company&amp;#8217;s wholesale water and wastewater services segment. The assets consist of land, inventories and deposits in the Company&amp;#8217;s land development segment.&amp;#160; The Company&amp;#8217;s other assets primarily consist of cash and cash equivalents, equipment, mineral rights, related party notes receivables and a deferred tax asset.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"&gt;February 28, 2019&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"&gt;August 31, 2018&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Wholesale water and wastewater services&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;41,993,268&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;36,721,884&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Land development activities&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;16,732,957&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;9,497,106&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Corporate&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;15,619,708&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;25,687,625&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Total assets&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;74,345,933&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;71,906,615&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;/div&gt;</us-gaap:SegmentReportingDisclosureTextBlock>
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  <!--Number of Home Builders-Lot Sales [Member]-Sky Ranch [Member]-->
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  <!--Land Development Inventories [Policy Text Block]-->
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To date, the Company has not experienced significant losses on any of these investments.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;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.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Cash and Cash Equivalents &amp;#8211;&lt;/font&gt; The Company&amp;#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&amp;#8217;s operating and savings accounts. The carrying amounts of cash and cash equivalents approximate fair value.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Trade Accounts Receivable &amp;#8211;&lt;/font&gt; The Company records accounts receivable net of allowances for uncollectible accounts.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Investments &amp;#8211; &lt;/font&gt;The carrying amounts of investments approximate fair value. The Company also holds a certificate of deposit that is not carried at fair value on the consolidated balance sheets and is classified as a held-to-maturity security. Investments are described further in Note 2 &amp;#8211; &lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;"&gt;Fair Value Measurements.&lt;/font&gt;&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Accounts Payable &amp;#8211;&lt;/font&gt; The carrying amounts of accounts payable approximate fair value due to the relatively short period to maturity for these instruments.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Long-Term Financial Liabilities&lt;/font&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;#8211;&lt;/font&gt; Comprehensive Amendment Agreement No. 1 (the &amp;#8220;CAA&amp;#8221;) is comprised of a recorded balance sheet and an off-balance sheet or &amp;#8220;contingent&amp;#8221; obligation associated with the Company&amp;#8217;s acquisition of its &amp;#8220;Rangeview Water Supply&amp;#8221; (as defined in Note 4 &amp;#8211; &lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;"&gt;Water and Land Assets&lt;/font&gt; in Part II, Item 8 of the 2018 Annual Report). The amount payable is a fixed amount but is repayable only upon the sale of &amp;#8220;Export Water&amp;#8221; (as defined in Note 4 &amp;#8211; &lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;"&gt;Water and Land Assets&lt;/font&gt; in Part II, Item 8 of the 2018 Annual Report). Because of the uncertainty of the sale of Export Water, the Company has determined that the contingent portion of the CAA does not have a determinable fair value. The CAA is described further in Note 4 &amp;#8211; &lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;"&gt;Long-Term Obligations and Operating Lease &amp;#8211; Participating Interests in Export Water Supply&lt;/font&gt;.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Notes Receivable &amp;#8211; Related Parties&lt;/font&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt; &amp;#8211; &lt;/font&gt;The carrying amounts of the notes receivable &amp;#8211; related parties: Rangeview Metropolitan District (the &amp;#8220;Rangeview District&amp;#8221;), Sky Ranch Metropolitan District No. 5, and the Sky Ranch Community Authority Board (the &amp;#8220;CAB&amp;#8221;) approximate their fair value because the interest rates on the notes approximate market rates.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Off-Balance Sheet Instruments &amp;#8211; &lt;/font&gt;The Company&amp;#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 4 &amp;#8211; &lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;"&gt;Long-Term Obligations and Operating Lease &amp;#8211; Participating Interests in Export Water Supply&lt;/font&gt;.&lt;/font&gt;&lt;/div&gt;&lt;/div&gt;</pcyo:ConcentrationOfCreditRiskAndFairValueOfFinancialInstrumentsPolicyPolicyTextBlock>
  <!--Royalty and Other Obligations [Policy Text Block]-->
  <pcyo:RoyaltyAndOtherObligationsPolicyTextBlock contextRef="c20180901to20190228">&lt;div style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"&gt;&lt;u&gt;Royalty and Other Obligations&lt;/u&gt;&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;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 invoiced directly by the Rangeview District, and a percentage of such collections are then paid to the Company by the Rangeview District. Water revenue from such sales are shown net of royalties paid to the Land Board and amounts retained by the Rangeview District.&lt;/font&gt;&lt;/div&gt;&lt;/div&gt;</pcyo:RoyaltyAndOtherObligationsPolicyTextBlock>
  <!--Inventories Included in Accounts Payable and Accrued Liabilities-->
  <pcyo:InventoriesIncludedInAccountsPayableAndAccruedLiabilities contextRef="c20170901to20180228" unitRef="U002" decimals="0">0</pcyo:InventoriesIncludedInAccountsPayableAndAccruedLiabilities>
  <!--Inventories Included in Accounts Payable and Accrued Liabilities-->
  <pcyo:InventoriesIncludedInAccountsPayableAndAccruedLiabilities contextRef="c20180901to20190228" unitRef="U002" decimals="0">1932137</pcyo:InventoriesIncludedInAccountsPayableAndAccruedLiabilities>
  <!--Interest Income and Other Non-Cash Items-->
  <pcyo:InterestIncomeAndOtherNonCashItems contextRef="c20180901to20190228" unitRef="U002" decimals="0">210</pcyo:InterestIncomeAndOtherNonCashItems>
  <!--Interest Income and Other Non-Cash Items-->
  <pcyo:InterestIncomeAndOtherNonCashItems contextRef="c20170901to20180228" unitRef="U002" decimals="0">-30508</pcyo:InterestIncomeAndOtherNonCashItems>
  <!--Payments to Contingent Liability Holders-->
  <pcyo:PaymentsToContingentLiabilityHolders contextRef="c20180901to20190228" unitRef="U002" decimals="0">5762</pcyo:PaymentsToContingentLiabilityHolders>
  <!--Payments to Contingent Liability Holders-->
  <pcyo:PaymentsToContingentLiabilityHolders contextRef="c20170901to20180228" unitRef="U002" decimals="0">1621</pcyo:PaymentsToContingentLiabilityHolders>
  <!--Payments to Acquire Water, Water Systems and Land-->
  <pcyo:PaymentsToAcquireWaterWaterSystemsAndLand contextRef="c20170901to20180228" unitRef="U002" decimals="0">1769695</pcyo:PaymentsToAcquireWaterWaterSystemsAndLand>
  <!--Payments to Acquire Water, Water Systems and Land-->
  <pcyo:PaymentsToAcquireWaterWaterSystemsAndLand contextRef="c20180901to20190228" unitRef="U002" decimals="0">5788964</pcyo:PaymentsToAcquireWaterWaterSystemsAndLand>
  <!--Increase (Decrease) in Deferred Revenue, Leases-->
  <pcyo:IncreaseDecreaseInDeferredRevenueLeases contextRef="c20180901to20190228" unitRef="U002" decimals="0">-27867</pcyo:IncreaseDecreaseInDeferredRevenueLeases>
  <!--Increase (Decrease) in Deferred Revenue, Leases-->
  <pcyo:IncreaseDecreaseInDeferredRevenueLeases contextRef="c20170901to20180228" unitRef="U002" decimals="0">143978</pcyo:IncreaseDecreaseInDeferredRevenueLeases>
  <!--Notes Receivable, Related Parties, Advances plus accrued interest included in inventories-Community Authority Board [Member]-Sky Ranch [Member]-->
  <pcyo:NotesReceivableRelatedPartiesAdvancesPlusAccruedInterestIncludedInInventories contextRef="c20190228_RelatedPartyTransactionAxis_CommunityAuthorityBoardMember_RelatedPartyTransactionsByRelatedPartyAxis_SkyRanchMember" unitRef="U002" decimals="-5">11500000</pcyo:NotesReceivableRelatedPartiesAdvancesPlusAccruedInterestIncludedInInventories>
  <!--Notes Receivable, Related Parties, Accrued Interest-Notes Receivable [Member]-Rangeview District [Member]-Water and Wastewater Services [Member]-->
  <pcyo:NotesReceivableRelatedPartiesAccruedInterest contextRef="c20190228_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis_NotesReceivableMember_RelatedPartyTransactionAxis_WaterAndWastewaterServicesMember_RelatedPartyTransactionsByRelatedPartyAxis_RangeviewDistrictMember" unitRef="U002" decimals="0">405400</pcyo:NotesReceivableRelatedPartiesAccruedInterest>
  <!--Related Party Estimated Cost-Community Authority Board [Member]-Sky Ranch [Member]-->
  <pcyo:RelatedPartyEstimatedCost contextRef="c20190228_RelatedPartyTransactionAxis_CommunityAuthorityBoardMember_RelatedPartyTransactionsByRelatedPartyAxis_SkyRanchMember" unitRef="U002" decimals="0">30000000</pcyo:RelatedPartyEstimatedCost>
  <!--Number of Employee Board of Directors-Rangeview District [Member]-Water and Wastewater Services [Member]-->
  <pcyo:NumberOfEmployeeBoardOfDirectors contextRef="c20190228_RelatedPartyTransactionAxis_WaterAndWastewaterServicesMember_RelatedPartyTransactionsByRelatedPartyAxis_RangeviewDistrictMember" unitRef="U018" decimals="INF">3</pcyo:NumberOfEmployeeBoardOfDirectors>
  <!--Notes Receivable, Related Parties, Principal-Water and Wastewater Services [Member]-Rangeview District [Member]-Notes Receivable [Member]-->
  <pcyo:NotesReceivableRelatedPartiesPrincipal contextRef="c20190228_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis_NotesReceivableMember_RelatedPartyTransactionAxis_WaterAndWastewaterServicesMember_RelatedPartyTransactionsByRelatedPartyAxis_RangeviewDistrictMember" unitRef="U002" decimals="0">512400</pcyo:NotesReceivableRelatedPartiesPrincipal>
  <!--Number of Independent Board of Directors-Water and Wastewater Services [Member]-Rangeview District [Member]-->
  <pcyo:NumberOfIndependentBoardOfDirectors contextRef="c20190228_RelatedPartyTransactionAxis_WaterAndWastewaterServicesMember_RelatedPartyTransactionsByRelatedPartyAxis_RangeviewDistrictMember" unitRef="U019" decimals="INF">1</pcyo:NumberOfIndependentBoardOfDirectors>
  <!--Loan extended, Maximum Capacity-Water and Wastewater Services [Member]-Rangeview District [Member]-Loans Receivable [Member]-Maximum [Member]-->
  <pcyo:LoanExtendedMaximumCapacity contextRef="c20190228_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis_LoansReceivableMember_RangeAxis_MaximumMember_RelatedPartyTransactionAxis_WaterAndWastewaterServicesMember_RelatedPartyTransactionsByRelatedPartyAxis_RangeviewDistrictMember" unitRef="U002" decimals="0">250000</pcyo:LoanExtendedMaximumCapacity>
  <!--Number of Business Lines-->
  <pcyo:NumberOfBusinessLines contextRef="c20180901to20190228" unitRef="U005" decimals="INF">2</pcyo:NumberOfBusinessLines>
  <!--Contingency, Option payments-->
  <pcyo:ContingencyOptionPayments contextRef="c19960411to20180831" unitRef="U002" decimals="0">44300</pcyo:ContingencyOptionPayments>
  <!--Contingency, Export Water sale payments-->
  <pcyo:ContingencyExportWaterSalePayments contextRef="c20180901to20190228" unitRef="U002" decimals="0">10700</pcyo:ContingencyExportWaterSalePayments>
  <!--Contingency, Export Water sale payments-->
  <pcyo:ContingencyExportWaterSalePayments contextRef="c19960411to20180831" unitRef="U002" decimals="0">93600</pcyo:ContingencyExportWaterSalePayments>
  <!--Contingency, Relinquishment-->
  <pcyo:ContingencyRelinquishment contextRef="c19960411to20180831" unitRef="U002" decimals="0">1554300</pcyo:ContingencyRelinquishment>
  <!--Contingency, Acquisitions-->
  <pcyo:ContingencyAcquisitions contextRef="c19960411to20180831" unitRef="U002" decimals="0">18252500</pcyo:ContingencyAcquisitions>
  <!--Contingency, Tap fees-->
  <pcyo:ContingencyTapFees contextRef="c19960411to20180831" unitRef="U002" decimals="0" id="Item-8">104100</pcyo:ContingencyTapFees>
  <!--Expected future export water payouts-->
  <pcyo:ExpectedFutureExportWaterPayouts contextRef="c20180901to20190228" unitRef="U002" decimals="-5">6500000</pcyo:ExpectedFutureExportWaterPayouts>
  <!--Expected future Revenue Receivable from Sale of Export Water-->
  <pcyo:ExpectedFutureRevenueReceivableFromSaleOfExportWater contextRef="c20190228" unitRef="U002" decimals="-5">5700000</pcyo:ExpectedFutureRevenueReceivableFromSaleOfExportWater>
  <!--Expected Proceeds from Sale of Export Water after Deduction of Royalty-->
  <pcyo:ExpectedProceedsFromSaleOfExportWaterAfterDeductionOfRoyalty contextRef="c20180901to20190228" unitRef="U002" decimals="0">220000</pcyo:ExpectedProceedsFromSaleOfExportWaterAfterDeductionOfRoyalty>
  <!--Initial Export Water Proceeds, Acquisitions-->
  <pcyo:InitialExportWaterProceedsAcquisitions contextRef="c19960411to20180831" unitRef="U002" decimals="0">28042500</pcyo:InitialExportWaterProceedsAcquisitions>
  <!--Export water proceeds received, Sale Payments-->
  <pcyo:ExportWaterProceedsReceivedSalePayments contextRef="c20180901to20190228" unitRef="U002" decimals="0">138900</pcyo:ExportWaterProceedsReceivedSalePayments>
  <!--Export water proceeds received, Sale Payments-->
  <pcyo:ExportWaterProceedsReceivedSalePayments contextRef="c19960411to20180831" unitRef="U002" decimals="0">737300</pcyo:ExportWaterProceedsReceivedSalePayments>
  <!--Number of Other Governmental and Quasi-governmental Water Providers-South Metro Wise Authority [Member]-->
  <pcyo:NumberOfOtherGovernmentalAndQuasiGovernmentalWaterProviders contextRef="c20180901to20190228_RelatedPartyTransactionAxis_SouthMetroWiseAuthorityMember" unitRef="U016" decimals="INF">9</pcyo:NumberOfOtherGovernmentalAndQuasiGovernmentalWaterProviders>
  <!--Potential Third-Party Obligation, Arapahoe County tap fees-->
  <pcyo:PotentialThirdPartyObligationArapahoeCountyTapFees contextRef="c19960411to20180831" unitRef="U002" decimals="0" id="Item-9">159900</pcyo:PotentialThirdPartyObligationArapahoeCountyTapFees>
  <!--Potential Third-Party Obligation, Balances-->
  <pcyo:PotentialThirdPartyObligationBalances contextRef="c19960410" unitRef="U002" decimals="0">31807700</pcyo:PotentialThirdPartyObligationBalances>
  <!--Potential Third-Party Obligation, Balances-->
  <pcyo:PotentialThirdPartyObligationBalances contextRef="c20180831" unitRef="U002" decimals="0">1007400</pcyo:PotentialThirdPartyObligationBalances>
  <!--Potential Third-Party Obligation, Balances-->
  <pcyo:PotentialThirdPartyObligationBalances contextRef="c20190228" unitRef="U002" decimals="0">990900</pcyo:PotentialThirdPartyObligationBalances>
  <!--Potential Third-Party Obligation,, Option payments - Sky Ranch and The Hills at Sky Ranch-->
  <pcyo:PotentialThirdPartyObligationOptionPaymentsSkyRanchAndTheHillsAtSkyRanch contextRef="c19960411to20180831" unitRef="U002" decimals="0">68100</pcyo:PotentialThirdPartyObligationOptionPaymentsSkyRanchAndTheHillsAtSkyRanch>
  <!--Total Potential Third-Party Obligation, Export Water sale payments-->
  <pcyo:TotalPotentialThirdPartyObligationExportWaterSalePayments contextRef="c20180901to20190228" unitRef="U002" decimals="0">16500</pcyo:TotalPotentialThirdPartyObligationExportWaterSalePayments>
  <!--Total Potential Third-Party Obligation, Export Water sale payments-->
  <pcyo:TotalPotentialThirdPartyObligationExportWaterSalePayments contextRef="c19960411to20180831" unitRef="U002" decimals="0">143400</pcyo:TotalPotentialThirdPartyObligationExportWaterSalePayments>
  <!--Total Potential Third-Party Obligation, Acquisitions-->
  <pcyo:TotalPotentialThirdPartyObligationAcquisitions contextRef="c19960411to20180831" unitRef="U002" decimals="0">28042500</pcyo:TotalPotentialThirdPartyObligationAcquisitions>
  <!--Potential Third-Party Obligation, Relinquishment-->
  <pcyo:PotentialThirdPartyObligationRelinquishment contextRef="c19960411to20180831" unitRef="U002" decimals="0">2386400</pcyo:PotentialThirdPartyObligationRelinquishment>
  <!--Initial Export Water Proceeds, Relinquishment-->
  <pcyo:InitialExportWaterProceedsRelinquishment contextRef="c19960411to20180831" unitRef="U002" decimals="0">2386400</pcyo:InitialExportWaterProceedsRelinquishment>
  <!--Percentage of Payment Remitted to CAA Holders Allocated to Contingent Obligation-->
  <pcyo:PercentageOfPaymentRemittedToCAAHoldersAllocatedToContingentObligation contextRef="c20190228" unitRef="U009" decimals="2">0.65</pcyo:PercentageOfPaymentRemittedToCAAHoldersAllocatedToContingentObligation>
  <!--Initial Export Water Proceeds, Option payments-->
  <pcyo:InitialExportWaterProceedsOptionPayments contextRef="c19960411to20180831" unitRef="U002" decimals="0">42300</pcyo:InitialExportWaterProceedsOptionPayments>
  <!--Initial Export Water Proceeds, Tap fee-->
  <pcyo:InitialExportWaterProceedsTapFee contextRef="c19960411to20180831" unitRef="U002" decimals="0" id="Item-10">373100</pcyo:InitialExportWaterProceedsTapFee>
  <!--Export water proceeds received, Acquisitions-->
  <pcyo:ExportWaterProceedsReceivedAcquisitions contextRef="c19960411to20180831" unitRef="U002" decimals="0">0</pcyo:ExportWaterProceedsReceivedAcquisitions>
  <!--Number of Members to Deliver Water-South Metro Wise Authority [Member]-->
  <pcyo:NumberOfMembersToDeliverWater contextRef="c20180901to20190228_RelatedPartyTransactionAxis_SouthMetroWiseAuthorityMember" unitRef="U016" decimals="INF">10</pcyo:NumberOfMembersToDeliverWater>
  <!--Participating Interests Liability, Relinquishment-->
  <pcyo:ParticipatingInterestsLiabilityRelinquishment contextRef="c19960411to20180831" unitRef="U002" decimals="0">832100</pcyo:ParticipatingInterestsLiabilityRelinquishment>
  <!--Percentage of Net Proceeds from Sale of Export Water Allocated-->
  <pcyo:PercentageOfNetProceedsFromSaleOfExportWaterAllocated contextRef="c20190228" unitRef="U009" decimals="2">0.88</pcyo:PercentageOfNetProceedsFromSaleOfExportWaterAllocated>
  <!--Participating Interests Liability, Export Water sale payments-->
  <pcyo:ParticipatingInterestsLiabilityExportWaterSalePayments contextRef="c20180901to20190228" unitRef="U002" decimals="0">5800</pcyo:ParticipatingInterestsLiabilityExportWaterSalePayments>
  <!--Participating Interests Liability, Export Water sale payments-->
  <pcyo:ParticipatingInterestsLiabilityExportWaterSalePayments contextRef="c19960411to20180831" unitRef="U002" decimals="0">49800</pcyo:ParticipatingInterestsLiabilityExportWaterSalePayments>
  <!--Participating Interests Liability, Tap fees-->
  <pcyo:ParticipatingInterestsLiabilityTapFees contextRef="c19960411to20180831" unitRef="U002" decimals="0" id="Item-11">55800</pcyo:ParticipatingInterestsLiabilityTapFees>
  <!--Participating Interests Liability, Acquisitions-->
  <pcyo:ParticipatingInterestsLiabilityAcquisitions contextRef="c19960411to20180831" unitRef="U002" decimals="0">9790000</pcyo:ParticipatingInterestsLiabilityAcquisitions>
  <!--Participating Interests Liability, Option payments-->
  <pcyo:ParticipatingInterestsLiabilityOptionPayments contextRef="c19960411to20180831" unitRef="U002" decimals="0">23800</pcyo:ParticipatingInterestsLiabilityOptionPayments>
  <!--Initial Export Water Proceeds, Export Water sale payments-->
  <pcyo:InitialExportWaterProceedsExportWaterSalePayments contextRef="c19960411to20180831" unitRef="U002" decimals="0">593900</pcyo:InitialExportWaterProceedsExportWaterSalePayments>
  <!--Initial Export Water Proceeds, Export Water sale payments-->
  <pcyo:InitialExportWaterProceedsExportWaterSalePayments contextRef="c20180901to20190228" unitRef="U002" decimals="0">122400</pcyo:InitialExportWaterProceedsExportWaterSalePayments>
  <!--Initial Export Water Proceeds, Balances-->
  <pcyo:InitialExportWaterProceedsBalances contextRef="c19960410" unitRef="U002" decimals="0">218500</pcyo:InitialExportWaterProceedsBalances>
  <!--Initial Export Water Proceeds, Balances-->
  <pcyo:InitialExportWaterProceedsBalances contextRef="c20180831" unitRef="U002" decimals="0">29638100</pcyo:InitialExportWaterProceedsBalances>
  <!--Initial Export Water Proceeds, Balances-->
  <pcyo:InitialExportWaterProceedsBalances contextRef="c20190228" unitRef="U002" decimals="0">29515700</pcyo:InitialExportWaterProceedsBalances>
  <!--Export water proceeds received, Tap Fees-->
  <pcyo:ExportWaterProceedsReceivedTapFees contextRef="c19960411to20180831" unitRef="U002" decimals="0" id="Item-12">533000</pcyo:ExportWaterProceedsReceivedTapFees>
  <!--Percentage of Original Recorded Liability to Original Total Liability-->
  <pcyo:PercentageOfOriginalRecordedLiabilityToOriginalTotalLiability contextRef="c20190228" unitRef="U009" decimals="2">0.35</pcyo:PercentageOfOriginalRecordedLiabilityToOriginalTotalLiability>
  <!--Projected Cost of Participation Agreement-WISE Partnership [Member]-Rangeview District [Member]-->
  <pcyo:ProjectedCostOfParticipationAgreement contextRef="c20190228_RelatedPartyTransactionAxis_WisePartnershipMember_RelatedPartyTransactionsByRelatedPartyAxis_RangeviewDistrictMember" unitRef="U002" decimals="-5">6800000</pcyo:ProjectedCostOfParticipationAgreement>
  <!--Export water proceeds received, Option Payments-->
  <pcyo:ExportWaterProceedsReceivedOptionPayments contextRef="c19960411to20180831" unitRef="U002" decimals="0">110400</pcyo:ExportWaterProceedsReceivedOptionPayments>
  <!--Period of financing of Partnership Participation Agreement-Rangeview District [Member]-WISE Partnership [Member]-->
  <pcyo:PeriodOfFinancingOfPartnershipParticipationAgreement contextRef="c20180901to20190228_RelatedPartyTransactionAxis_WisePartnershipMember_RelatedPartyTransactionsByRelatedPartyAxis_RangeviewDistrictMember">P5Y</pcyo:PeriodOfFinancingOfPartnershipParticipationAgreement>
  <!--Period of financing of Partnership Participation Agreement-WISE Partnership [Member]-Rangeview District [Member]-->
  <pcyo:PeriodOfFinancingOfPartnershipParticipationAgreement contextRef="c20181201to20190228_RelatedPartyTransactionAxis_WisePartnershipMember_RelatedPartyTransactionsByRelatedPartyAxis_RangeviewDistrictMember">P5Y</pcyo:PeriodOfFinancingOfPartnershipParticipationAgreement>
  <!--Percentage of Payment Remitted to CAA Holders Allocated to Recorded Liability Account-->
  <pcyo:PercentageOfPaymentRemittedToCAAHoldersAllocatedToRecordedLiabilityAccount contextRef="c20190228" unitRef="U009" decimals="2">0.35</pcyo:PercentageOfPaymentRemittedToCAAHoldersAllocatedToRecordedLiabilityAccount>
  <!--Export water proceeds received, Balances-->
  <pcyo:ExportWaterProceedsReceivedBalances contextRef="c19960410" unitRef="U002" decimals="0">0</pcyo:ExportWaterProceedsReceivedBalances>
  <!--Export water proceeds received, Balances-->
  <pcyo:ExportWaterProceedsReceivedBalances contextRef="c20180831" unitRef="U002" decimals="0">1380700</pcyo:ExportWaterProceedsReceivedBalances>
  <!--Export water proceeds received, Balances-->
  <pcyo:ExportWaterProceedsReceivedBalances contextRef="c20190228" unitRef="U002" decimals="0">1519600</pcyo:ExportWaterProceedsReceivedBalances>
  <!--Export water proceeds received, Relinquishment-->
  <pcyo:ExportWaterProceedsReceivedRelinquishment contextRef="c19960411to20180831" unitRef="U002" decimals="0">0</pcyo:ExportWaterProceedsReceivedRelinquishment>
  <!--Number of Customers-Ridgeview Youth Services Center [Member]-Revenue [Member]-Wholesale Water and Wastewater Services [Member]-->
  <pcyo:NumberOfCustomers contextRef="c20171201to20180228_ConcentrationRiskByBenchmarkAxis_SalesRevenueNetMember_MajorCustomersAxis_RidgeviewYouthServicesCenterMember_StatementBusinessSegmentsAxis_WholesaleWaterAndWastewaterSservicesMember" unitRef="U020" decimals="INF">1</pcyo:NumberOfCustomers>
  <!--Number of Customers-Oil and Gas [Member]-Revenue [Member]-->
  <pcyo:NumberOfCustomers contextRef="c20170901to20180228_ConcentrationRiskByBenchmarkAxis_SalesRevenueNetMember_StatementBusinessSegmentsAxis_OilAndGasMember" unitRef="U020" decimals="INF">2</pcyo:NumberOfCustomers>
  <!--Number of Customers-Oil and Gas [Member]-Revenue [Member]-->
  <pcyo:NumberOfCustomers contextRef="c20171201to20180228_ConcentrationRiskByBenchmarkAxis_SalesRevenueNetMember_StatementBusinessSegmentsAxis_OilAndGasMember" unitRef="U020" decimals="INF">2</pcyo:NumberOfCustomers>
  <!--Number of Customers-Accounts Receivable [Member]-->
  <pcyo:NumberOfCustomers contextRef="c20170901to20180831_ConcentrationRiskByBenchmarkAxis_AccountsReceivableMember" unitRef="U020" decimals="INF">2</pcyo:NumberOfCustomers>
  <!--Number of Customers-Wholesale Water and Wastewater Services [Member]-Ridgeview Youth Services Center [Member]-Revenue [Member]-->
  <pcyo:NumberOfCustomers contextRef="c20180901to20190228_ConcentrationRiskByBenchmarkAxis_SalesRevenueNetMember_MajorCustomersAxis_RidgeviewYouthServicesCenterMember_StatementBusinessSegmentsAxis_WholesaleWaterAndWastewaterSservicesMember" unitRef="U020" decimals="INF">1</pcyo:NumberOfCustomers>
  <!--Number of Customers-Accounts Receivable [Member]-->
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  <pcyo:LongTermObligationsAndOperatingLeaseDisclosureTextBlock contextRef="c20180901to20190228">&lt;div style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;NOTE 4 &amp;#8211; LONG-TERM OBLIGATIONS AND OPERATING LEASE&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;The Participating Interests in Export Water Supply is an obligation of the Company that has no scheduled maturity date. Therefore, maturity of this liability is not disclosed in tabular format but is described below.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"&gt;&lt;u&gt;Participating Interests in Export Water Supply&lt;/u&gt;&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;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 that the Company received from the participating interest holders that was used to purchase the Company&amp;#8217;s Export Water (described in greater detail in Note 4 &amp;#8211; &lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;"&gt;Water and Land Assets &lt;/font&gt;in Part II, Item 8 of the 2018 Annual Report). The Company agreed to remit a total of $31.8 million of proceeds received from the sale of Export Water to the participating interest holders in return for their initial $11.1 million 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&amp;#8217;s balance sheet because the obligation to pay this is contingent on the sale of Export Water, the amounts and timing of which are not reasonably determinable.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;The CAA obligation is non-interest bearing, and if the Export Water is not sold, the parties to the CAA have no recourse against the Company. If the Company does not sell the Export Water, the holders of the Series B preferred stock of the Company are also not entitled to payment of any dividend and have no contractual recourse against the Company.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;As the proceeds from the sale of Export Water are received and the amounts are remitted to the external CAA holders, the Company allocates a ratable percentage of this payment to the principal portion (the Participating Interests in Export Water Supply&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;"&gt;&amp;#160;&lt;/font&gt;liability account), with the balance of the payment being charged to the contingent obligation portion. Because the original recorded liability, which was $11.1 million, was 35% of the original total liability of $31.8 million, 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.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;From time to time, the Company reacquired various portions of the CAA obligations, which retained their original priority, including the Land Board&amp;#8217;s CAA interest which was assigned and relinquished to the Company in 2014. The Company did not make any CAA acquisitions during the three months ended &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;February 28, 2019&lt;/font&gt; and &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;2018&lt;/font&gt;.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;As a result of the acquisitions, the Company is currently allocated approximately 88% of the total proceeds from the sale of Export Water after payment of the Land Board royalty. The acquisitions and cumulative sales of Export Water are detailed in the table below. The remaining potential third-party obligation at &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;February 28, 2019&lt;/font&gt;, is approximately $1 million.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: top; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Export&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Water&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Proceeds&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Received&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Initial Export&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Water&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Proceeds to&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Pure Cycle&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Total&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Potential&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Third-Party &lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Obligation&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Participating&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Interests&lt;/font&gt;&lt;/div&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Liability&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"&gt;&lt;div style="text-align: center;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;Contingency&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #CCEEFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Original balances&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;&amp;#8212;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;218,500&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;31,807,700&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;11,090,600&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; 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padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(593,900&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(143,400&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; 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text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(93,600&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #FFFFFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Balance at &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;August 31, 2018&lt;/font&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;1,380,700&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;29,638,100&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;1,007,400&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;339,100&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;668,300&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #CCEEFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;"&gt;Fiscal &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;2019&lt;/font&gt; activity:&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 40%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 16.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Export Water sale payments&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;138,900&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(122,400&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(16,500&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(5,800&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(10,700&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td valign="bottom" style="vertical-align: bottom; width: 40%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&lt;div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Balance at &lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;February 28, 2019&lt;/font&gt;&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;1,519,600&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;29,515,700&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;990,900&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;333,300&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;657,600&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"&gt;&lt;tr&gt;&lt;td style="width: 18pt; vertical-align: top;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;(1)&lt;/font&gt;&lt;/td&gt;&lt;td style="width: auto; vertical-align: top; text-align: left;"&gt;&lt;div&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;The Arapahoe County tap fees are net of $34,522 in royalties paid to the Land Board.&lt;/font&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;The CAA includes contractually established priorities which call for payments to CAA holders in order of their priority. This means that the first payees receive their full payment before the next priority level receives any payment and so on until full repayment. Of the next approximately $6.5 million of Export Water payouts, which based on current payout levels would occur over several years, the Company will receive approximately $5.7 million of revenue. Thereafter, the Company will be entitled to all but approximately $220,000 of the proceeds from the sale of Export Water after deduction of the Land Board royalty.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"&gt;&lt;u&gt;WISE Partnership&lt;/u&gt;&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;In December 2014, the Company, through the Rangeview District, consented to the waiver of all contingencies set forth in the Amended and Restated WISE Partnership &amp;#8211; Water Delivery Agreement, dated December 31, 2013 (the &amp;#8220;WISE Partnership Agreement&amp;#8221;), among the City and County of Denver acting through its Board of Water Commissioners (&amp;#8220;Denver Water&amp;#8221;), the City of Aurora acting by and through its Utility Enterprise (&amp;#8220;Aurora Water&amp;#8221;), and the South Metro WISE Authority (&amp;#8220;SMWA&amp;#8221;). The SMWA was formed by the Rangeview 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 &amp;#8220;SM IGA&amp;#8221;), to enable the members of SMWA to participate in the regional water supply project known as the Water Infrastructure Supply Efficiency partnership (&amp;#8220;WISE&amp;#8221;) created by the WISE Partnership Agreement. The SM IGA specifies each member&amp;#8217;s pro rata share of WISE and the members&amp;#8217; 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.&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;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 &amp;#8220;WISE Financing Agreement&amp;#8221;) between the Company and the Rangeview District, the Company has an agreement to fund the Rangeview District&amp;#8217;s participation in WISE effective as of December 22, 2014. The Company&amp;#8217;s cost of funding the Rangeview District&amp;#8217;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 $6.8 million over the next five years. See further discussion in Note 6 &lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"&gt;&amp;#8211;&lt;/font&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;"&gt; Related Party Transactions.&lt;/font&gt;&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"&gt;&lt;u&gt;Operating Lease&lt;/u&gt;&lt;/font&gt;&lt;/div&gt;&lt;div&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style="text-align: justify;"&gt;&lt;font style="font-size: 10pt; font-family: 'Times New Roman';"&gt;Effective as of February 2018, the Company entered into an operating lease for approximately 11,393 square feet of office and warehouse space. The lease has a three-year term with payments of $6,600 per month and an option to extend the primary lease term for a two-year period at a rate equal to a 12.5% increase over the primary base payments. The change in the lease costs is not material to the Company&amp;#8217;s operations.&lt;/font&gt;&lt;/div&gt;&lt;/div&gt;</pcyo:LongTermObligationsAndOperatingLeaseDisclosureTextBlock>
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<TYPE>EX-101.CAL
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<DESCRIPTION>XBRL TAXONOMY EXTENSION CALCULATION LINKBASE
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<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>8
<FILENAME>pcyo-20190228_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_AccountingPoliciesAbstract" xlink:label="AccountingPoliciesAbstract" xlink:title="AccountingPoliciesAbstract" />
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_AccountingStandardsUpdate201409Member" xlink:label="AccountingStandardsUpdate201409Member" xlink:title="AccountingStandardsUpdate201409Member" />
    <link:label xlink:type="resource" xlink:label="us-gaap_AccountingStandardsUpdate201409Member_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_AccountingStandardsUpdate201409Member_lbl" xml:lang="en-US" id="us-gaap_AccountingStandardsUpdate201409Member_lbl">ASU 2014-09 [Member]</link:label>
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    <link:label xlink:type="resource" xlink:label="us-gaap_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock_lbl" xml:lang="en-US" id="us-gaap_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock_lbl">ACCRUED LIABILITIES</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_AccountsPayableCurrent" xlink:label="AccountsPayableCurrent" xlink:title="AccountsPayableCurrent" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccountsPayableCurrent" xlink:to="us-gaap_AccountsPayableCurrent_lbl" xlink:title="label: AccountsPayableCurrent to us-gaap_AccountsPayableCurrent_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_AccountsReceivableMember" xlink:label="AccountsReceivableMember" xlink:title="AccountsReceivableMember" />
    <link:label xlink:type="resource" xlink:label="us-gaap_AccountsReceivableMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_AccountsReceivableMember_lbl" xml:lang="en-US" id="us-gaap_AccountsReceivableMember_lbl">Accounts Receivable [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccountsReceivableMember" xlink:to="us-gaap_AccountsReceivableMember_lbl" xlink:title="label: AccountsReceivableMember to us-gaap_AccountsReceivableMember_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_AccountsReceivableNetCurrent" xlink:label="AccountsReceivableNetCurrent" xlink:title="AccountsReceivableNetCurrent" />
    <link:label xlink:type="resource" xlink:label="us-gaap_AccountsReceivableNetCurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_AccountsReceivableNetCurrent_lbl" xml:lang="en-US" id="us-gaap_AccountsReceivableNetCurrent_lbl">Trade accounts receivable, net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccountsReceivableNetCurrent" xlink:to="us-gaap_AccountsReceivableNetCurrent_lbl" xlink:title="label: AccountsReceivableNetCurrent to us-gaap_AccountsReceivableNetCurrent_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis" xlink:label="AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis" xlink:title="AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis" />
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    <link:label xlink:type="resource" xlink:label="us-gaap_AccruedLiabilitiesCurrent_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_AccruedLiabilitiesCurrent_lbl1" xml:lang="en-US" id="us-gaap_AccruedLiabilitiesCurrent_lbl1">Accrued liabilities</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_AccruedSalariesCurrent" xlink:label="AccruedSalariesCurrent" xlink:title="AccruedSalariesCurrent" />
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    <link:label xlink:type="resource" xlink:label="us-gaap_AccruedProfessionalFeesCurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_AccruedProfessionalFeesCurrent_lbl" xml:lang="en-US" id="us-gaap_AccruedProfessionalFeesCurrent_lbl">Professional fees</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_AdditionalPaidInCapital" xlink:label="AdditionalPaidInCapital" xlink:title="AdditionalPaidInCapital" />
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:title="AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" />
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_AdjustmentsForNewAccountingPronouncementsAxis" xlink:label="AdjustmentsForNewAccountingPronouncementsAxis" xlink:title="AdjustmentsForNewAccountingPronouncementsAxis" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForNewAccountingPronouncementsAxis" xlink:to="us-gaap_AdjustmentsForNewAccountingPronouncementsAxis_lbl" xlink:title="label: AdjustmentsForNewAccountingPronouncementsAxis to us-gaap_AdjustmentsForNewAccountingPronouncementsAxis_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" xlink:label="AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" xlink:title="AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" />
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_AssetsAbstract" xlink:label="AssetsAbstract" xlink:title="AssetsAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_AssetsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_AssetsAbstract_lbl" xml:lang="en-US" id="us-gaap_AssetsAbstract_lbl">ASSETS:</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_Assets" xlink:label="Assets" xlink:title="Assets" />
    <link:label xlink:type="resource" xlink:label="us-gaap_Assets_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="us-gaap_Assets_lbl" xml:lang="en-US" id="us-gaap_Assets_lbl">Total assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Assets" xlink:to="us-gaap_Assets_lbl" xlink:title="label: Assets to us-gaap_Assets_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_Assets_lbl1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_Assets_lbl1" xml:lang="en-US" id="us-gaap_Assets_lbl1">Total assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Assets" xlink:to="us-gaap_Assets_lbl1" xlink:title="label: Assets to us-gaap_Assets_lbl1" />
    <link:label xlink:type="resource" xlink:label="us-gaap_Assets_lbl2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_Assets_lbl2" xml:lang="en-US" id="us-gaap_Assets_lbl2">Assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Assets" xlink:to="us-gaap_Assets_lbl2" xlink:title="label: Assets to us-gaap_Assets_lbl2" />
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    <link:label xlink:type="resource" xlink:label="us-gaap_AssetsCurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="us-gaap_AssetsCurrent_lbl" xml:lang="en-US" id="us-gaap_AssetsCurrent_lbl">Total current assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AssetsCurrent" xlink:to="us-gaap_AssetsCurrent_lbl" xlink:title="label: AssetsCurrent to us-gaap_AssetsCurrent_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_AssetsCurrent_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_AssetsCurrent_lbl1" xml:lang="en-US" id="us-gaap_AssetsCurrent_lbl1">Assets, Current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AssetsCurrent" xlink:to="us-gaap_AssetsCurrent_lbl1" xlink:title="label: AssetsCurrent to us-gaap_AssetsCurrent_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_AssetsCurrentAbstract" xlink:label="AssetsCurrentAbstract" xlink:title="AssetsCurrentAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_AssetsCurrentAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_AssetsCurrentAbstract_lbl" xml:lang="en-US" id="us-gaap_AssetsCurrentAbstract_lbl">Current Assets:</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AssetsCurrentAbstract" xlink:to="us-gaap_AssetsCurrentAbstract_lbl" xlink:title="label: AssetsCurrentAbstract to us-gaap_AssetsCurrentAbstract_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_AvailableForSaleSecuritiesDebtSecurities" xlink:label="AvailableForSaleSecuritiesDebtSecurities" xlink:title="AvailableForSaleSecuritiesDebtSecurities" />
    <link:label xlink:type="resource" xlink:label="us-gaap_AvailableForSaleSecuritiesDebtSecurities_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_AvailableForSaleSecuritiesDebtSecurities_lbl" xml:lang="en-US" id="us-gaap_AvailableForSaleSecuritiesDebtSecurities_lbl">Available-for-sale securities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AvailableForSaleSecuritiesDebtSecurities" xlink:to="us-gaap_AvailableForSaleSecuritiesDebtSecurities_lbl" xlink:title="label: AvailableForSaleSecuritiesDebtSecurities to us-gaap_AvailableForSaleSecuritiesDebtSecurities_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_CarryingReportedAmountFairValueDisclosureMember" xlink:label="CarryingReportedAmountFairValueDisclosureMember" xlink:title="CarryingReportedAmountFairValueDisclosureMember" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CarryingReportedAmountFairValueDisclosureMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_CarryingReportedAmountFairValueDisclosureMember_lbl" xml:lang="en-US" id="us-gaap_CarryingReportedAmountFairValueDisclosureMember_lbl">Cost / Other Value [Member]</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_CashAndCashEquivalentsPolicyTextBlock" xlink:label="CashAndCashEquivalentsPolicyTextBlock" xlink:title="CashAndCashEquivalentsPolicyTextBlock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CashAndCashEquivalentsPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_CashAndCashEquivalentsPolicyTextBlock_lbl" xml:lang="en-US" id="us-gaap_CashAndCashEquivalentsPolicyTextBlock_lbl">Cash and Cash Equivalents</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndCashEquivalentsPolicyTextBlock" xlink:to="us-gaap_CashAndCashEquivalentsPolicyTextBlock_lbl" xlink:title="label: CashAndCashEquivalentsPolicyTextBlock to us-gaap_CashAndCashEquivalentsPolicyTextBlock_lbl" />
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    <link:label xlink:type="resource" xlink:label="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_lbl" xml:lang="en-US" id="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_lbl">Net change in cash and cash equivalents</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_CommonStockSharesOutstanding" xlink:label="CommonStockSharesOutstanding" xlink:title="CommonStockSharesOutstanding" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CommonStockSharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_CommonStockSharesOutstanding_lbl" xml:lang="en-US" id="us-gaap_CommonStockSharesOutstanding_lbl">Common stock, shares outstanding (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonStockSharesOutstanding" xlink:to="us-gaap_CommonStockSharesOutstanding_lbl" xlink:title="label: CommonStockSharesOutstanding to us-gaap_CommonStockSharesOutstanding_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_ComprehensiveIncomeNetOfTax" xlink:label="ComprehensiveIncomeNetOfTax" xlink:title="ComprehensiveIncomeNetOfTax" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ComprehensiveIncomeNetOfTax_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="us-gaap_ComprehensiveIncomeNetOfTax_lbl" xml:lang="en-US" id="us-gaap_ComprehensiveIncomeNetOfTax_lbl">Total comprehensive income (loss)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ComprehensiveIncomeNetOfTax" xlink:to="us-gaap_ComprehensiveIncomeNetOfTax_lbl" xlink:title="label: ComprehensiveIncomeNetOfTax to us-gaap_ComprehensiveIncomeNetOfTax_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ComprehensiveIncomeNetOfTax_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ComprehensiveIncomeNetOfTax_lbl1" xml:lang="en-US" id="us-gaap_ComprehensiveIncomeNetOfTax_lbl1">Comprehensive Income (Loss), Net of Tax, Attributable to Parent</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ComprehensiveIncomeNetOfTax" xlink:to="us-gaap_ComprehensiveIncomeNetOfTax_lbl1" xlink:title="label: ComprehensiveIncomeNetOfTax to us-gaap_ComprehensiveIncomeNetOfTax_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_ConcentrationRiskDisclosureTextBlock" xlink:label="ConcentrationRiskDisclosureTextBlock" xlink:title="ConcentrationRiskDisclosureTextBlock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ConcentrationRiskDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_ConcentrationRiskDisclosureTextBlock_lbl" xml:lang="en-US" id="us-gaap_ConcentrationRiskDisclosureTextBlock_lbl">SIGNIFICANT CUSTOMERS</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConcentrationRiskDisclosureTextBlock" xlink:to="us-gaap_ConcentrationRiskDisclosureTextBlock_lbl" xlink:title="label: ConcentrationRiskDisclosureTextBlock to us-gaap_ConcentrationRiskDisclosureTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ConcentrationRiskDisclosureTextBlock_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ConcentrationRiskDisclosureTextBlock_lbl1" xml:lang="en-US" id="us-gaap_ConcentrationRiskDisclosureTextBlock_lbl1">Concentration Risk Disclosure [Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConcentrationRiskDisclosureTextBlock" xlink:to="us-gaap_ConcentrationRiskDisclosureTextBlock_lbl1" xlink:title="label: ConcentrationRiskDisclosureTextBlock to us-gaap_ConcentrationRiskDisclosureTextBlock_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_ConcentrationRiskByBenchmarkAxis" xlink:label="ConcentrationRiskByBenchmarkAxis" xlink:title="ConcentrationRiskByBenchmarkAxis" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ConcentrationRiskByBenchmarkAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ConcentrationRiskByBenchmarkAxis_lbl" xml:lang="en-US" id="us-gaap_ConcentrationRiskByBenchmarkAxis_lbl">Concentration Risk Benchmark [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConcentrationRiskByBenchmarkAxis" xlink:to="us-gaap_ConcentrationRiskByBenchmarkAxis_lbl" xlink:title="label: ConcentrationRiskByBenchmarkAxis to us-gaap_ConcentrationRiskByBenchmarkAxis_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_ConcentrationRiskBenchmarkDomain" xlink:label="ConcentrationRiskBenchmarkDomain" xlink:title="ConcentrationRiskBenchmarkDomain" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ConcentrationRiskBenchmarkDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ConcentrationRiskBenchmarkDomain_lbl" xml:lang="en-US" id="us-gaap_ConcentrationRiskBenchmarkDomain_lbl">Concentration Risk Benchmark [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConcentrationRiskBenchmarkDomain" xlink:to="us-gaap_ConcentrationRiskBenchmarkDomain_lbl" xlink:title="label: ConcentrationRiskBenchmarkDomain to us-gaap_ConcentrationRiskBenchmarkDomain_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_ConcentrationRiskPercentage1" xlink:label="ConcentrationRiskPercentage1" xlink:title="ConcentrationRiskPercentage1" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ConcentrationRiskPercentage1_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ConcentrationRiskPercentage1_lbl" xml:lang="en-US" id="us-gaap_ConcentrationRiskPercentage1_lbl">Concentration risk percentage</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConcentrationRiskPercentage1" xlink:to="us-gaap_ConcentrationRiskPercentage1_lbl" xlink:title="label: ConcentrationRiskPercentage1 to us-gaap_ConcentrationRiskPercentage1_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_ConcentrationRiskLineItems" xlink:label="ConcentrationRiskLineItems" xlink:title="ConcentrationRiskLineItems" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ConcentrationRiskLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ConcentrationRiskLineItems_lbl" xml:lang="en-US" id="us-gaap_ConcentrationRiskLineItems_lbl">Concentration Risk [Line Items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConcentrationRiskLineItems" xlink:to="us-gaap_ConcentrationRiskLineItems_lbl" xlink:title="label: ConcentrationRiskLineItems to us-gaap_ConcentrationRiskLineItems_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_ConcentrationRiskTable" xlink:label="ConcentrationRiskTable" xlink:title="ConcentrationRiskTable" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ConcentrationRiskTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ConcentrationRiskTable_lbl" xml:lang="en-US" id="us-gaap_ConcentrationRiskTable_lbl">Concentration Risk [Table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConcentrationRiskTable" xlink:to="us-gaap_ConcentrationRiskTable_lbl" xlink:title="label: ConcentrationRiskTable to us-gaap_ConcentrationRiskTable_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_ConstructionInProgressMember" xlink:label="ConstructionInProgressMember" xlink:title="ConstructionInProgressMember" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ConstructionInProgressMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ConstructionInProgressMember_lbl" xml:lang="en-US" id="us-gaap_ConstructionInProgressMember_lbl">Construction in Progress [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConstructionInProgressMember" xlink:to="us-gaap_ConstructionInProgressMember_lbl" xlink:title="label: ConstructionInProgressMember to us-gaap_ConstructionInProgressMember_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_ContractWithCustomerLiabilityRevenueRecognized" xlink:label="ContractWithCustomerLiabilityRevenueRecognized" xlink:title="ContractWithCustomerLiabilityRevenueRecognized" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ContractWithCustomerLiabilityRevenueRecognized_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="us-gaap_ContractWithCustomerLiabilityRevenueRecognized_lbl" xml:lang="en-US" id="us-gaap_ContractWithCustomerLiabilityRevenueRecognized_lbl">Contract revenues recognized</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContractWithCustomerLiabilityRevenueRecognized" xlink:to="us-gaap_ContractWithCustomerLiabilityRevenueRecognized_lbl" xlink:title="label: ContractWithCustomerLiabilityRevenueRecognized to us-gaap_ContractWithCustomerLiabilityRevenueRecognized_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ContractWithCustomerLiabilityRevenueRecognized_lbl1" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:title="us-gaap_ContractWithCustomerLiabilityRevenueRecognized_lbl1" xml:lang="en-US" id="us-gaap_ContractWithCustomerLiabilityRevenueRecognized_lbl1">Recognition of unearned revenue</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContractWithCustomerLiabilityRevenueRecognized" xlink:to="us-gaap_ContractWithCustomerLiabilityRevenueRecognized_lbl1" xlink:title="label: ContractWithCustomerLiabilityRevenueRecognized to us-gaap_ContractWithCustomerLiabilityRevenueRecognized_lbl1" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ContractWithCustomerLiabilityRevenueRecognized_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_ContractWithCustomerLiabilityRevenueRecognized_lbl2" xml:lang="en-US" id="us-gaap_ContractWithCustomerLiabilityRevenueRecognized_lbl2">Contract revenues recognized</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContractWithCustomerLiabilityRevenueRecognized" xlink:to="us-gaap_ContractWithCustomerLiabilityRevenueRecognized_lbl2" xlink:title="label: ContractWithCustomerLiabilityRevenueRecognized to us-gaap_ContractWithCustomerLiabilityRevenueRecognized_lbl2" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ContractWithCustomerLiabilityRevenueRecognized_lbl3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ContractWithCustomerLiabilityRevenueRecognized_lbl3" xml:lang="en-US" id="us-gaap_ContractWithCustomerLiabilityRevenueRecognized_lbl3">Contract with Customer, Liability, Revenue Recognized</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContractWithCustomerLiabilityRevenueRecognized" xlink:to="us-gaap_ContractWithCustomerLiabilityRevenueRecognized_lbl3" xlink:title="label: ContractWithCustomerLiabilityRevenueRecognized to us-gaap_ContractWithCustomerLiabilityRevenueRecognized_lbl3" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_ContractWithCustomerLiabilityNoncurrent" xlink:label="ContractWithCustomerLiabilityNoncurrent" xlink:title="ContractWithCustomerLiabilityNoncurrent" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ContractWithCustomerLiabilityNoncurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ContractWithCustomerLiabilityNoncurrent_lbl" xml:lang="en-US" id="us-gaap_ContractWithCustomerLiabilityNoncurrent_lbl">Deferred revenues, less current portion</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContractWithCustomerLiabilityNoncurrent" xlink:to="us-gaap_ContractWithCustomerLiabilityNoncurrent_lbl" xlink:title="label: ContractWithCustomerLiabilityNoncurrent to us-gaap_ContractWithCustomerLiabilityNoncurrent_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ContractWithCustomerLiabilityNoncurrent_lbl1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_ContractWithCustomerLiabilityNoncurrent_lbl1" xml:lang="en-US" id="us-gaap_ContractWithCustomerLiabilityNoncurrent_lbl1">Oil and gas leases, Long term</link:label>
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContractWithCustomerLiabilityCumulativeCatchUpAdjustmentToRevenueChangeInMeasureOfProgress" xlink:to="us-gaap_ContractWithCustomerLiabilityCumulativeCatchUpAdjustmentToRevenueChangeInMeasureOfProgress_lbl" xlink:title="label: ContractWithCustomerLiabilityCumulativeCatchUpAdjustmentToRevenueChangeInMeasureOfProgress to us-gaap_ContractWithCustomerLiabilityCumulativeCatchUpAdjustmentToRevenueChangeInMeasureOfProgress_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ContractWithCustomerLiabilityCumulativeCatchUpAdjustmentToRevenueChangeInMeasureOfProgress_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ContractWithCustomerLiabilityCumulativeCatchUpAdjustmentToRevenueChangeInMeasureOfProgress_lbl1" xml:lang="en-US" id="us-gaap_ContractWithCustomerLiabilityCumulativeCatchUpAdjustmentToRevenueChangeInMeasureOfProgress_lbl1">Contract with Customer, Liability, Cumulative Catch-up Adjustment to Revenue, Change in Measure of Progress</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_ContractWithCustomerLiability" xlink:label="ContractWithCustomerLiability" xlink:title="ContractWithCustomerLiability" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContractWithCustomerLiability" xlink:to="us-gaap_ContractWithCustomerLiability_lbl" xlink:title="label: ContractWithCustomerLiability to us-gaap_ContractWithCustomerLiability_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ContractWithCustomerLiability_lbl1" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="us-gaap_ContractWithCustomerLiability_lbl1" xml:lang="en-US" id="us-gaap_ContractWithCustomerLiability_lbl1">Balance, end of period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContractWithCustomerLiability" xlink:to="us-gaap_ContractWithCustomerLiability_lbl1" xlink:title="label: ContractWithCustomerLiability to us-gaap_ContractWithCustomerLiability_lbl1" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ContractWithCustomerLiability_lbl2" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="us-gaap_ContractWithCustomerLiability_lbl2" xml:lang="en-US" id="us-gaap_ContractWithCustomerLiability_lbl2">Balance, beginning of period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContractWithCustomerLiability" xlink:to="us-gaap_ContractWithCustomerLiability_lbl2" xlink:title="label: ContractWithCustomerLiability to us-gaap_ContractWithCustomerLiability_lbl2" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ContractWithCustomerLiability_lbl3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ContractWithCustomerLiability_lbl3" xml:lang="en-US" id="us-gaap_ContractWithCustomerLiability_lbl3">Contract with Customer, Liability</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContractWithCustomerLiability" xlink:to="us-gaap_ContractWithCustomerLiability_lbl3" xlink:title="label: ContractWithCustomerLiability to us-gaap_ContractWithCustomerLiability_lbl3" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_ContractWithCustomerAssetNetCurrent" xlink:label="ContractWithCustomerAssetNetCurrent" xlink:title="ContractWithCustomerAssetNetCurrent" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ContractWithCustomerAssetNetCurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="us-gaap_ContractWithCustomerAssetNetCurrent_lbl" xml:lang="en-US" id="us-gaap_ContractWithCustomerAssetNetCurrent_lbl">Balance, end of period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContractWithCustomerAssetNetCurrent" xlink:to="us-gaap_ContractWithCustomerAssetNetCurrent_lbl" xlink:title="label: ContractWithCustomerAssetNetCurrent to us-gaap_ContractWithCustomerAssetNetCurrent_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ContractWithCustomerAssetNetCurrent_lbl1" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="us-gaap_ContractWithCustomerAssetNetCurrent_lbl1" xml:lang="en-US" id="us-gaap_ContractWithCustomerAssetNetCurrent_lbl1">Balance, beginning of period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContractWithCustomerAssetNetCurrent" xlink:to="us-gaap_ContractWithCustomerAssetNetCurrent_lbl1" xlink:title="label: ContractWithCustomerAssetNetCurrent to us-gaap_ContractWithCustomerAssetNetCurrent_lbl1" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ContractWithCustomerAssetNetCurrent_lbl2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ContractWithCustomerAssetNetCurrent_lbl2" xml:lang="en-US" id="us-gaap_ContractWithCustomerAssetNetCurrent_lbl2">Contract with Customer, Asset, Net, Current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContractWithCustomerAssetNetCurrent" xlink:to="us-gaap_ContractWithCustomerAssetNetCurrent_lbl2" xlink:title="label: ContractWithCustomerAssetNetCurrent to us-gaap_ContractWithCustomerAssetNetCurrent_lbl2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_ContractWithCustomerLiabilityCurrent" xlink:label="ContractWithCustomerLiabilityCurrent" xlink:title="ContractWithCustomerLiabilityCurrent" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ContractWithCustomerLiabilityCurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_ContractWithCustomerLiabilityCurrent_lbl" xml:lang="en-US" id="us-gaap_ContractWithCustomerLiabilityCurrent_lbl">Deferred revenues, current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContractWithCustomerLiabilityCurrent" xlink:to="us-gaap_ContractWithCustomerLiabilityCurrent_lbl" xlink:title="label: ContractWithCustomerLiabilityCurrent to us-gaap_ContractWithCustomerLiabilityCurrent_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ContractWithCustomerLiabilityCurrent_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ContractWithCustomerLiabilityCurrent_lbl1" xml:lang="en-US" id="us-gaap_ContractWithCustomerLiabilityCurrent_lbl1">Contract with Customer, Liability, Current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContractWithCustomerLiabilityCurrent" xlink:to="us-gaap_ContractWithCustomerLiabilityCurrent_lbl1" xlink:title="label: ContractWithCustomerLiabilityCurrent to us-gaap_ContractWithCustomerLiabilityCurrent_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_ContractWithCustomerAssetAndLiabilityTableTextBlock" xlink:label="ContractWithCustomerAssetAndLiabilityTableTextBlock" xlink:title="ContractWithCustomerAssetAndLiabilityTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ContractWithCustomerAssetAndLiabilityTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ContractWithCustomerAssetAndLiabilityTableTextBlock_lbl" xml:lang="en-US" id="us-gaap_ContractWithCustomerAssetAndLiabilityTableTextBlock_lbl">Changes in Contract Asset and Deferred Revenue</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContractWithCustomerAssetAndLiabilityTableTextBlock" xlink:to="us-gaap_ContractWithCustomerAssetAndLiabilityTableTextBlock_lbl" xlink:title="label: ContractWithCustomerAssetAndLiabilityTableTextBlock to us-gaap_ContractWithCustomerAssetAndLiabilityTableTextBlock_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_CorporateNonSegmentMember" xlink:label="CorporateNonSegmentMember" xlink:title="CorporateNonSegmentMember" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CorporateNonSegmentMember_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_CorporateNonSegmentMember_lbl" xml:lang="en-US" id="us-gaap_CorporateNonSegmentMember_lbl">Corporate [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CorporateNonSegmentMember" xlink:to="us-gaap_CorporateNonSegmentMember_lbl" xlink:title="label: CorporateNonSegmentMember to us-gaap_CorporateNonSegmentMember_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CorporateNonSegmentMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_CorporateNonSegmentMember_lbl1" xml:lang="en-US" id="us-gaap_CorporateNonSegmentMember_lbl1">Corporate, Non-Segment [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CorporateNonSegmentMember" xlink:to="us-gaap_CorporateNonSegmentMember_lbl1" xlink:title="label: CorporateNonSegmentMember to us-gaap_CorporateNonSegmentMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_CostDepreciationAmortizationAndDepletion" xlink:label="CostDepreciationAmortizationAndDepletion" xlink:title="CostDepreciationAmortizationAndDepletion" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CostDepreciationAmortizationAndDepletion_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="us-gaap_CostDepreciationAmortizationAndDepletion_lbl" xml:lang="en-US" id="us-gaap_CostDepreciationAmortizationAndDepletion_lbl">Depletion and depreciation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostDepreciationAmortizationAndDepletion" xlink:to="us-gaap_CostDepreciationAmortizationAndDepletion_lbl" xlink:title="label: CostDepreciationAmortizationAndDepletion to us-gaap_CostDepreciationAmortizationAndDepletion_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CostDepreciationAmortizationAndDepletion_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_CostDepreciationAmortizationAndDepletion_lbl1" xml:lang="en-US" id="us-gaap_CostDepreciationAmortizationAndDepletion_lbl1">Cost, Depreciation, Amortization and Depletion</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostDepreciationAmortizationAndDepletion" xlink:to="us-gaap_CostDepreciationAmortizationAndDepletion_lbl1" xlink:title="label: CostDepreciationAmortizationAndDepletion to us-gaap_CostDepreciationAmortizationAndDepletion_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_CostOfRevenue" xlink:label="CostOfRevenue" xlink:title="CostOfRevenue" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CostOfRevenue_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:title="us-gaap_CostOfRevenue_lbl" xml:lang="en-US" id="us-gaap_CostOfRevenue_lbl">Total cost of revenues</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfRevenue" xlink:to="us-gaap_CostOfRevenue_lbl" xlink:title="label: CostOfRevenue to us-gaap_CostOfRevenue_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CostOfRevenue_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_CostOfRevenue_lbl1" xml:lang="en-US" id="us-gaap_CostOfRevenue_lbl1">Cost of Revenue</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfRevenue" xlink:to="us-gaap_CostOfRevenue_lbl1" xlink:title="label: CostOfRevenue to us-gaap_CostOfRevenue_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption" xlink:label="CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption" xlink:title="CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption" />
    <link:label xlink:type="resource" xlink:label="us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption_lbl" xml:lang="en-US" id="us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption_lbl">Adoption of accounting standards</link:label>
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    <link:label xlink:type="resource" xlink:label="us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption_lbl1" xml:lang="en-US" id="us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption_lbl1">Cumulative Effect of New Accounting Principle in Period of Adoption</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption" xlink:to="us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption_lbl1" xlink:title="label: CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption to us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_DisaggregationOfRevenueLineItems" xlink:label="DisaggregationOfRevenueLineItems" xlink:title="DisaggregationOfRevenueLineItems" />
    <link:label xlink:type="resource" xlink:label="us-gaap_DisaggregationOfRevenueLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_DisaggregationOfRevenueLineItems_lbl" xml:lang="en-US" id="us-gaap_DisaggregationOfRevenueLineItems_lbl">Disaggregation of Revenue [Line Items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisaggregationOfRevenueLineItems" xlink:to="us-gaap_DisaggregationOfRevenueLineItems_lbl" xlink:title="label: DisaggregationOfRevenueLineItems to us-gaap_DisaggregationOfRevenueLineItems_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_DisaggregationOfRevenueTable" xlink:label="DisaggregationOfRevenueTable" xlink:title="DisaggregationOfRevenueTable" />
    <link:label xlink:type="resource" xlink:label="us-gaap_DisaggregationOfRevenueTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_DisaggregationOfRevenueTable_lbl" xml:lang="en-US" id="us-gaap_DisaggregationOfRevenueTable_lbl">Disaggregation of Revenue [Table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisaggregationOfRevenueTable" xlink:to="us-gaap_DisaggregationOfRevenueTable_lbl" xlink:title="label: DisaggregationOfRevenueTable to us-gaap_DisaggregationOfRevenueTable_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_DisaggregationOfRevenueAbstract" xlink:label="DisaggregationOfRevenueAbstract" xlink:title="DisaggregationOfRevenueAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_DisaggregationOfRevenueAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_DisaggregationOfRevenueAbstract_lbl" xml:lang="en-US" id="us-gaap_DisaggregationOfRevenueAbstract_lbl">Revenue Recognition [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisaggregationOfRevenueAbstract" xlink:to="us-gaap_DisaggregationOfRevenueAbstract_lbl" xlink:title="label: DisaggregationOfRevenueAbstract to us-gaap_DisaggregationOfRevenueAbstract_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_DisaggregationOfRevenueAbstract_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_DisaggregationOfRevenueAbstract_lbl1" xml:lang="en-US" id="us-gaap_DisaggregationOfRevenueAbstract_lbl1">Disaggregation of Revenue [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisaggregationOfRevenueAbstract" xlink:to="us-gaap_DisaggregationOfRevenueAbstract_lbl1" xlink:title="label: DisaggregationOfRevenueAbstract to us-gaap_DisaggregationOfRevenueAbstract_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_DebtSecuritiesAvailableForSaleAccumulatedGrossUnrealizedGainLossBeforeTax" xlink:label="DebtSecuritiesAvailableForSaleAccumulatedGrossUnrealizedGainLossBeforeTax" xlink:title="DebtSecuritiesAvailableForSaleAccumulatedGrossUnrealizedGainLossBeforeTax" />
    <link:label xlink:type="resource" xlink:label="us-gaap_DebtSecuritiesAvailableForSaleAccumulatedGrossUnrealizedGainLossBeforeTax_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_DebtSecuritiesAvailableForSaleAccumulatedGrossUnrealizedGainLossBeforeTax_lbl" xml:lang="en-US" id="us-gaap_DebtSecuritiesAvailableForSaleAccumulatedGrossUnrealizedGainLossBeforeTax_lbl">Accumulated unrealized gains and (losses)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtSecuritiesAvailableForSaleAccumulatedGrossUnrealizedGainLossBeforeTax" xlink:to="us-gaap_DebtSecuritiesAvailableForSaleAccumulatedGrossUnrealizedGainLossBeforeTax_lbl" xlink:title="label: DebtSecuritiesAvailableForSaleAccumulatedGrossUnrealizedGainLossBeforeTax to us-gaap_DebtSecuritiesAvailableForSaleAccumulatedGrossUnrealizedGainLossBeforeTax_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_DebtSecuritiesAvailableForSaleAccumulatedGrossUnrealizedGainLossBeforeTax_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_DebtSecuritiesAvailableForSaleAccumulatedGrossUnrealizedGainLossBeforeTax_lbl1" xml:lang="en-US" id="us-gaap_DebtSecuritiesAvailableForSaleAccumulatedGrossUnrealizedGainLossBeforeTax_lbl1">Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain (Loss), before Tax</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtSecuritiesAvailableForSaleAccumulatedGrossUnrealizedGainLossBeforeTax" xlink:to="us-gaap_DebtSecuritiesAvailableForSaleAccumulatedGrossUnrealizedGainLossBeforeTax_lbl1" xlink:title="label: DebtSecuritiesAvailableForSaleAccumulatedGrossUnrealizedGainLossBeforeTax to us-gaap_DebtSecuritiesAvailableForSaleAccumulatedGrossUnrealizedGainLossBeforeTax_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_DebtInstrumentBasisSpreadOnVariableRate1" xlink:label="DebtInstrumentBasisSpreadOnVariableRate1" xlink:title="DebtInstrumentBasisSpreadOnVariableRate1" />
    <link:label xlink:type="resource" xlink:label="us-gaap_DebtInstrumentBasisSpreadOnVariableRate1_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_DebtInstrumentBasisSpreadOnVariableRate1_lbl" xml:lang="en-US" id="us-gaap_DebtInstrumentBasisSpreadOnVariableRate1_lbl">Basis spread on variable rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtInstrumentBasisSpreadOnVariableRate1" xlink:to="us-gaap_DebtInstrumentBasisSpreadOnVariableRate1_lbl" xlink:title="label: DebtInstrumentBasisSpreadOnVariableRate1 to us-gaap_DebtInstrumentBasisSpreadOnVariableRate1_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_DebtInstrumentInterestRateStatedPercentage" xlink:label="DebtInstrumentInterestRateStatedPercentage" xlink:title="DebtInstrumentInterestRateStatedPercentage" />
    <link:label xlink:type="resource" xlink:label="us-gaap_DebtInstrumentInterestRateStatedPercentage_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_DebtInstrumentInterestRateStatedPercentage_lbl" xml:lang="en-US" id="us-gaap_DebtInstrumentInterestRateStatedPercentage_lbl">Interest rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtInstrumentInterestRateStatedPercentage" xlink:to="us-gaap_DebtInstrumentInterestRateStatedPercentage_lbl" xlink:title="label: DebtInstrumentInterestRateStatedPercentage to us-gaap_DebtInstrumentInterestRateStatedPercentage_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_DebtInstrumentMaturityDate" xlink:label="DebtInstrumentMaturityDate" xlink:title="DebtInstrumentMaturityDate" />
    <link:label xlink:type="resource" xlink:label="us-gaap_DebtInstrumentMaturityDate_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_DebtInstrumentMaturityDate_lbl" xml:lang="en-US" id="us-gaap_DebtInstrumentMaturityDate_lbl">Debt instrument maturity date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtInstrumentMaturityDate" xlink:to="us-gaap_DebtInstrumentMaturityDate_lbl" xlink:title="label: DebtInstrumentMaturityDate to us-gaap_DebtInstrumentMaturityDate_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_DeferredTaxAssetsLiabilitiesNet" xlink:label="DeferredTaxAssetsLiabilitiesNet" xlink:title="DeferredTaxAssetsLiabilitiesNet" />
    <link:label xlink:type="resource" xlink:label="us-gaap_DeferredTaxAssetsLiabilitiesNet_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_DeferredTaxAssetsLiabilitiesNet_lbl" xml:lang="en-US" id="us-gaap_DeferredTaxAssetsLiabilitiesNet_lbl">Deferred tax asset</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxAssetsLiabilitiesNet" xlink:to="us-gaap_DeferredTaxAssetsLiabilitiesNet_lbl" xlink:title="label: DeferredTaxAssetsLiabilitiesNet to us-gaap_DeferredTaxAssetsLiabilitiesNet_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_DeferredRevenueLeasesCurrent" xlink:label="DeferredRevenueLeasesCurrent" xlink:title="DeferredRevenueLeasesCurrent" />
    <link:label xlink:type="resource" xlink:label="us-gaap_DeferredRevenueLeasesCurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_DeferredRevenueLeasesCurrent_lbl" xml:lang="en-US" id="us-gaap_DeferredRevenueLeasesCurrent_lbl">Deferred oil and gas lease payment, current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredRevenueLeasesCurrent" xlink:to="us-gaap_DeferredRevenueLeasesCurrent_lbl" xlink:title="label: DeferredRevenueLeasesCurrent to us-gaap_DeferredRevenueLeasesCurrent_lbl" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxAssetsTaxCreditCarryforwardsAlternativeMinimumTax" xlink:to="us-gaap_DeferredTaxAssetsTaxCreditCarryforwardsAlternativeMinimumTax_lbl1" xlink:title="label: DeferredTaxAssetsTaxCreditCarryforwardsAlternativeMinimumTax to us-gaap_DeferredTaxAssetsTaxCreditCarryforwardsAlternativeMinimumTax_lbl1" />
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    <link:label xlink:type="resource" xlink:label="us-gaap_Depreciation_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_Depreciation_lbl" xml:lang="en-US" id="us-gaap_Depreciation_lbl">Depreciation</link:label>
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    <link:label xlink:type="resource" xlink:label="us-gaap_DepreciationAndAmortizationAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_DepreciationAndAmortizationAbstract_lbl" xml:lang="en-US" id="us-gaap_DepreciationAndAmortizationAbstract_lbl">Depletion and Depreciation [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DepreciationAndAmortizationAbstract" xlink:to="us-gaap_DepreciationAndAmortizationAbstract_lbl" xlink:title="label: DepreciationAndAmortizationAbstract to us-gaap_DepreciationAndAmortizationAbstract_lbl" />
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    <link:label xlink:type="resource" xlink:label="us-gaap_DepreciationDepletionAndAmortization_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_DepreciationDepletionAndAmortization_lbl" xml:lang="en-US" id="us-gaap_DepreciationDepletionAndAmortization_lbl">Depreciation and depletion</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DepreciationDepletionAndAmortization" xlink:to="us-gaap_DepreciationDepletionAndAmortization_lbl" xlink:title="label: DepreciationDepletionAndAmortization to us-gaap_DepreciationDepletionAndAmortization_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_DepreciationNonproduction" xlink:label="DepreciationNonproduction" xlink:title="DepreciationNonproduction" />
    <link:label xlink:type="resource" xlink:label="us-gaap_DepreciationNonproduction_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="us-gaap_DepreciationNonproduction_lbl" xml:lang="en-US" id="us-gaap_DepreciationNonproduction_lbl">Depreciation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DepreciationNonproduction" xlink:to="us-gaap_DepreciationNonproduction_lbl" xlink:title="label: DepreciationNonproduction to us-gaap_DepreciationNonproduction_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_DepreciationNonproduction_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_DepreciationNonproduction_lbl1" xml:lang="en-US" id="us-gaap_DepreciationNonproduction_lbl1">Depreciation, Nonproduction</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DepreciationNonproduction" xlink:to="us-gaap_DepreciationNonproduction_lbl1" xlink:title="label: DepreciationNonproduction to us-gaap_DepreciationNonproduction_lbl1" />
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    <link:label xlink:type="resource" xlink:label="us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract_lbl" xml:lang="en-US" id="us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract_lbl">SHAREHOLDERS' EQUITY [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract" xlink:to="us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract_lbl" xlink:title="label: DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract to us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" xlink:label="DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" xlink:title="DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_lbl" xml:lang="en-US" id="us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_lbl">SHAREHOLDERS' EQUITY</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" xlink:to="us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_lbl" xlink:title="label: DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock to us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_DueToRelatedPartiesCurrentAndNoncurrent" xlink:label="DueToRelatedPartiesCurrentAndNoncurrent" xlink:title="DueToRelatedPartiesCurrentAndNoncurrent" />
    <link:label xlink:type="resource" xlink:label="us-gaap_DueToRelatedPartiesCurrentAndNoncurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_DueToRelatedPartiesCurrentAndNoncurrent_lbl" xml:lang="en-US" id="us-gaap_DueToRelatedPartiesCurrentAndNoncurrent_lbl">Loan outstanding</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DueToRelatedPartiesCurrentAndNoncurrent" xlink:to="us-gaap_DueToRelatedPartiesCurrentAndNoncurrent_lbl" xlink:title="label: DueToRelatedPartiesCurrentAndNoncurrent to us-gaap_DueToRelatedPartiesCurrentAndNoncurrent_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_DueToRelatedPartiesCurrent" xlink:label="DueToRelatedPartiesCurrent" xlink:title="DueToRelatedPartiesCurrent" />
    <link:label xlink:type="resource" xlink:label="us-gaap_DueToRelatedPartiesCurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_DueToRelatedPartiesCurrent_lbl" xml:lang="en-US" id="us-gaap_DueToRelatedPartiesCurrent_lbl">Operating payables to CAB</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DueToRelatedPartiesCurrent" xlink:to="us-gaap_DueToRelatedPartiesCurrent_lbl" xlink:title="label: DueToRelatedPartiesCurrent to us-gaap_DueToRelatedPartiesCurrent_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_DueToRelatedPartiesCurrent_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_DueToRelatedPartiesCurrent_lbl1" xml:lang="en-US" id="us-gaap_DueToRelatedPartiesCurrent_lbl1">Due to Related Parties, Current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DueToRelatedPartiesCurrent" xlink:to="us-gaap_DueToRelatedPartiesCurrent_lbl1" xlink:title="label: DueToRelatedPartiesCurrent to us-gaap_DueToRelatedPartiesCurrent_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_EarningsPerShareBasic" xlink:label="EarningsPerShareBasic" xlink:title="EarningsPerShareBasic" />
    <link:label xlink:type="resource" xlink:label="us-gaap_EarningsPerShareBasic_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_EarningsPerShareBasic_lbl" xml:lang="en-US" id="us-gaap_EarningsPerShareBasic_lbl">Basic net income (loss) per common share (in dollars per share)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EarningsPerShareBasic" xlink:to="us-gaap_EarningsPerShareBasic_lbl" xlink:title="label: EarningsPerShareBasic to us-gaap_EarningsPerShareBasic_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_EarningsPerSharePolicyTextBlock" xlink:label="EarningsPerSharePolicyTextBlock" xlink:title="EarningsPerSharePolicyTextBlock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_EarningsPerSharePolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_EarningsPerSharePolicyTextBlock_lbl" xml:lang="en-US" id="us-gaap_EarningsPerSharePolicyTextBlock_lbl">Income (Loss) per Common Share</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EarningsPerSharePolicyTextBlock" xlink:to="us-gaap_EarningsPerSharePolicyTextBlock_lbl" xlink:title="label: EarningsPerSharePolicyTextBlock to us-gaap_EarningsPerSharePolicyTextBlock_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_EarningsPerShareDiluted" xlink:label="EarningsPerShareDiluted" xlink:title="EarningsPerShareDiluted" />
    <link:label xlink:type="resource" xlink:label="us-gaap_EarningsPerShareDiluted_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_EarningsPerShareDiluted_lbl" xml:lang="en-US" id="us-gaap_EarningsPerShareDiluted_lbl">Diluted net income (loss) per common share (in dollars per share)</link:label>
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    <link:label xlink:type="resource" xlink:label="us-gaap_EarningsPerShareAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_EarningsPerShareAbstract_lbl" xml:lang="en-US" id="us-gaap_EarningsPerShareAbstract_lbl">Income (Loss) per Common Share [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EarningsPerShareAbstract" xlink:to="us-gaap_EarningsPerShareAbstract_lbl" xlink:title="label: EarningsPerShareAbstract to us-gaap_EarningsPerShareAbstract_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_EarningsPerShareAbstract_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_EarningsPerShareAbstract_lbl1" xml:lang="en-US" id="us-gaap_EarningsPerShareAbstract_lbl1">Earnings Per Share [Abstract]</link:label>
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    <link:label xlink:type="resource" xlink:label="us-gaap_FairValueNetAssetLiabilityAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_FairValueNetAssetLiabilityAbstract_lbl" xml:lang="en-US" id="us-gaap_FairValueNetAssetLiabilityAbstract_lbl">Information on assets and liabilities measured at fair value [Abstract]</link:label>
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FairValueNetAssetLiabilityAbstract" xlink:to="us-gaap_FairValueNetAssetLiabilityAbstract_lbl1" xlink:title="label: FairValueNetAssetLiabilityAbstract to us-gaap_FairValueNetAssetLiabilityAbstract_lbl1" />
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    <link:label xlink:type="resource" xlink:label="us-gaap_FairValueMeasurementsFairValueHierarchyDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_FairValueMeasurementsFairValueHierarchyDomain_lbl" xml:lang="en-US" id="us-gaap_FairValueMeasurementsFairValueHierarchyDomain_lbl">Fair Value Hierarchy and NAV [Domain]</link:label>
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    <link:label xlink:type="resource" xlink:label="us-gaap_FairValueInputsLevel1Member_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_FairValueInputsLevel1Member_lbl" xml:lang="en-US" id="us-gaap_FairValueInputsLevel1Member_lbl">Quoted Prices in Active Markets for Identical Assets (Level 1)</link:label>
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    <link:label xlink:type="resource" xlink:label="us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements_lbl" xml:lang="en-US" id="us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements_lbl">Incremental common shares attributable to dilutive effect of share-based payment arrangements (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncrementalCommonSharesAttributableToShareBasedPaymentArrangements" xlink:to="us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements_lbl" xlink:title="label: IncrementalCommonSharesAttributableToShareBasedPaymentArrangements to us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_InterestIncomeRelatedParty" xlink:label="InterestIncomeRelatedParty" xlink:title="InterestIncomeRelatedParty" />
    <link:label xlink:type="resource" xlink:label="us-gaap_InterestIncomeRelatedParty_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="us-gaap_InterestIncomeRelatedParty_lbl" xml:lang="en-US" id="us-gaap_InterestIncomeRelatedParty_lbl">Interest added to receivable from related parties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestIncomeRelatedParty" xlink:to="us-gaap_InterestIncomeRelatedParty_lbl" xlink:title="label: InterestIncomeRelatedParty to us-gaap_InterestIncomeRelatedParty_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_InterestIncomeRelatedParty_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_InterestIncomeRelatedParty_lbl1" xml:lang="en-US" id="us-gaap_InterestIncomeRelatedParty_lbl1">Interest Income, Related Party</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestIncomeRelatedParty" xlink:to="us-gaap_InterestIncomeRelatedParty_lbl1" xlink:title="label: InterestIncomeRelatedParty to us-gaap_InterestIncomeRelatedParty_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_InventoryNet" xlink:label="InventoryNet" xlink:title="InventoryNet" />
    <link:label xlink:type="resource" xlink:label="us-gaap_InventoryNet_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_InventoryNet_lbl" xml:lang="en-US" id="us-gaap_InventoryNet_lbl">Inventories</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InventoryNet" xlink:to="us-gaap_InventoryNet_lbl" xlink:title="label: InventoryNet to us-gaap_InventoryNet_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_InventoryPolicyTextBlock" xlink:label="InventoryPolicyTextBlock" xlink:title="InventoryPolicyTextBlock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_InventoryPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_InventoryPolicyTextBlock_lbl" xml:lang="en-US" id="us-gaap_InventoryPolicyTextBlock_lbl">Inventories</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InventoryPolicyTextBlock" xlink:to="us-gaap_InventoryPolicyTextBlock_lbl" xlink:title="label: InventoryPolicyTextBlock to us-gaap_InventoryPolicyTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_InventoryPolicyTextBlock_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_InventoryPolicyTextBlock_lbl1" xml:lang="en-US" id="us-gaap_InventoryPolicyTextBlock_lbl1">Inventory, Policy [Policy Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InventoryPolicyTextBlock" xlink:to="us-gaap_InventoryPolicyTextBlock_lbl1" xlink:title="label: InventoryPolicyTextBlock to us-gaap_InventoryPolicyTextBlock_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_InvestmentIncomeInterest" xlink:label="InvestmentIncomeInterest" xlink:title="InvestmentIncomeInterest" />
    <link:label xlink:type="resource" xlink:label="us-gaap_InvestmentIncomeInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_InvestmentIncomeInterest_lbl" xml:lang="en-US" id="us-gaap_InvestmentIncomeInterest_lbl">Interest income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentIncomeInterest" xlink:to="us-gaap_InvestmentIncomeInterest_lbl" xlink:title="label: InvestmentIncomeInterest to us-gaap_InvestmentIncomeInterest_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_InvestmentIncomeInterest_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_InvestmentIncomeInterest_lbl1" xml:lang="en-US" id="us-gaap_InvestmentIncomeInterest_lbl1">Investment Income, Interest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentIncomeInterest" xlink:to="us-gaap_InvestmentIncomeInterest_lbl1" xlink:title="label: InvestmentIncomeInterest to us-gaap_InvestmentIncomeInterest_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_InvestmentPolicyTextBlock" xlink:label="InvestmentPolicyTextBlock" xlink:title="InvestmentPolicyTextBlock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_InvestmentPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_InvestmentPolicyTextBlock_lbl" xml:lang="en-US" id="us-gaap_InvestmentPolicyTextBlock_lbl">Investments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentPolicyTextBlock" xlink:to="us-gaap_InvestmentPolicyTextBlock_lbl" xlink:title="label: InvestmentPolicyTextBlock to us-gaap_InvestmentPolicyTextBlock_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures" xlink:label="InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures" xlink:title="InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures" />
    <link:label xlink:type="resource" xlink:label="us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_lbl" xml:lang="en-US" id="us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_lbl">Investments in the WISE assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures" xlink:to="us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_lbl" xlink:title="label: InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures to us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_lbl1" xml:lang="en-US" id="us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_lbl1">Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures" xlink:to="us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_lbl1" xlink:title="label: InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures to us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_InvestmentsAbstract" xlink:label="InvestmentsAbstract" xlink:title="InvestmentsAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_InvestmentsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_InvestmentsAbstract_lbl" xml:lang="en-US" id="us-gaap_InvestmentsAbstract_lbl">Investments [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentsAbstract" xlink:to="us-gaap_InvestmentsAbstract_lbl" xlink:title="label: InvestmentsAbstract to us-gaap_InvestmentsAbstract_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_InvestmentsAbstract_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_InvestmentsAbstract_lbl1" xml:lang="en-US" id="us-gaap_InvestmentsAbstract_lbl1">Investments [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentsAbstract" xlink:to="us-gaap_InvestmentsAbstract_lbl1" xlink:title="label: InvestmentsAbstract to us-gaap_InvestmentsAbstract_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_LesseeOperatingLeaseTermOfContract" xlink:label="LesseeOperatingLeaseTermOfContract" xlink:title="LesseeOperatingLeaseTermOfContract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LesseeOperatingLeaseTermOfContract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_LesseeOperatingLeaseTermOfContract_lbl" xml:lang="en-US" id="us-gaap_LesseeOperatingLeaseTermOfContract_lbl">Operating lease term</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LesseeOperatingLeaseTermOfContract" xlink:to="us-gaap_LesseeOperatingLeaseTermOfContract_lbl" xlink:title="label: LesseeOperatingLeaseTermOfContract to us-gaap_LesseeOperatingLeaseTermOfContract_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LesseeOperatingLeaseTermOfContract_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_LesseeOperatingLeaseTermOfContract_lbl1" xml:lang="en-US" id="us-gaap_LesseeOperatingLeaseTermOfContract_lbl1">Lessee, Operating Lease, Term of Contract</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LesseeOperatingLeaseTermOfContract" xlink:to="us-gaap_LesseeOperatingLeaseTermOfContract_lbl1" xlink:title="label: LesseeOperatingLeaseTermOfContract to us-gaap_LesseeOperatingLeaseTermOfContract_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_LesseeLeasesPolicyTextBlock" xlink:label="LesseeLeasesPolicyTextBlock" xlink:title="LesseeLeasesPolicyTextBlock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LesseeLeasesPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_LesseeLeasesPolicyTextBlock_lbl" xml:lang="en-US" id="us-gaap_LesseeLeasesPolicyTextBlock_lbl">Oil and Gas Lease Payments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LesseeLeasesPolicyTextBlock" xlink:to="us-gaap_LesseeLeasesPolicyTextBlock_lbl" xlink:title="label: LesseeLeasesPolicyTextBlock to us-gaap_LesseeLeasesPolicyTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LesseeLeasesPolicyTextBlock_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_LesseeLeasesPolicyTextBlock_lbl1" xml:lang="en-US" id="us-gaap_LesseeLeasesPolicyTextBlock_lbl1">Lessee, Leases [Policy Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LesseeLeasesPolicyTextBlock" xlink:to="us-gaap_LesseeLeasesPolicyTextBlock_lbl1" xlink:title="label: LesseeLeasesPolicyTextBlock to us-gaap_LesseeLeasesPolicyTextBlock_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_LesseeOperatingLeaseRenewalTerm" xlink:label="LesseeOperatingLeaseRenewalTerm" xlink:title="LesseeOperatingLeaseRenewalTerm" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LesseeOperatingLeaseRenewalTerm_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_LesseeOperatingLeaseRenewalTerm_lbl" xml:lang="en-US" id="us-gaap_LesseeOperatingLeaseRenewalTerm_lbl">Operating lease extension term</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LesseeOperatingLeaseRenewalTerm" xlink:to="us-gaap_LesseeOperatingLeaseRenewalTerm_lbl" xlink:title="label: LesseeOperatingLeaseRenewalTerm to us-gaap_LesseeOperatingLeaseRenewalTerm_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_LandAndLandImprovements" xlink:label="LandAndLandImprovements" xlink:title="LandAndLandImprovements" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LandAndLandImprovements_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_LandAndLandImprovements_lbl" xml:lang="en-US" id="us-gaap_LandAndLandImprovements_lbl">Land and mineral interests</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LandAndLandImprovements" xlink:to="us-gaap_LandAndLandImprovements_lbl" xlink:title="label: LandAndLandImprovements to us-gaap_LandAndLandImprovements_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_LeasesOperatingAbstract" xlink:label="LeasesOperatingAbstract" xlink:title="LeasesOperatingAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LeasesOperatingAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_LeasesOperatingAbstract_lbl" xml:lang="en-US" id="us-gaap_LeasesOperatingAbstract_lbl">Operating Lease [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeasesOperatingAbstract" xlink:to="us-gaap_LeasesOperatingAbstract_lbl" xlink:title="label: LeasesOperatingAbstract to us-gaap_LeasesOperatingAbstract_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LeasesOperatingAbstract_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_LeasesOperatingAbstract_lbl1" xml:lang="en-US" id="us-gaap_LeasesOperatingAbstract_lbl1">Leases, Operating [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeasesOperatingAbstract" xlink:to="us-gaap_LeasesOperatingAbstract_lbl1" xlink:title="label: LeasesOperatingAbstract to us-gaap_LeasesOperatingAbstract_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_Liabilities" xlink:label="Liabilities" xlink:title="Liabilities" />
    <link:label xlink:type="resource" xlink:label="us-gaap_Liabilities_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="us-gaap_Liabilities_lbl" xml:lang="en-US" id="us-gaap_Liabilities_lbl">Total liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Liabilities" xlink:to="us-gaap_Liabilities_lbl" xlink:title="label: Liabilities to us-gaap_Liabilities_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_Liabilities_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_Liabilities_lbl1" xml:lang="en-US" id="us-gaap_Liabilities_lbl1">Liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Liabilities" xlink:to="us-gaap_Liabilities_lbl1" xlink:title="label: Liabilities to us-gaap_Liabilities_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="LiabilitiesAndStockholdersEquity" xlink:title="LiabilitiesAndStockholdersEquity" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="us-gaap_LiabilitiesAndStockholdersEquity_lbl" xml:lang="en-US" id="us-gaap_LiabilitiesAndStockholdersEquity_lbl">Total liabilities and shareholders' equity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilitiesAndStockholdersEquity" xlink:to="us-gaap_LiabilitiesAndStockholdersEquity_lbl" xlink:title="label: LiabilitiesAndStockholdersEquity to us-gaap_LiabilitiesAndStockholdersEquity_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_LiabilitiesAndStockholdersEquity_lbl1" xml:lang="en-US" id="us-gaap_LiabilitiesAndStockholdersEquity_lbl1">Liabilities and Equity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilitiesAndStockholdersEquity" xlink:to="us-gaap_LiabilitiesAndStockholdersEquity_lbl1" xlink:title="label: LiabilitiesAndStockholdersEquity to us-gaap_LiabilitiesAndStockholdersEquity_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_LiabilitiesAbstract" xlink:label="LiabilitiesAbstract" xlink:title="LiabilitiesAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LiabilitiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_LiabilitiesAbstract_lbl" xml:lang="en-US" id="us-gaap_LiabilitiesAbstract_lbl">LIABILITIES:</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilitiesAbstract" xlink:to="us-gaap_LiabilitiesAbstract_lbl" xlink:title="label: LiabilitiesAbstract to us-gaap_LiabilitiesAbstract_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_LiabilitiesCurrentAbstract" xlink:label="LiabilitiesCurrentAbstract" xlink:title="LiabilitiesCurrentAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LiabilitiesCurrentAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_LiabilitiesCurrentAbstract_lbl" xml:lang="en-US" id="us-gaap_LiabilitiesCurrentAbstract_lbl">Current liabilities:</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilitiesCurrentAbstract" xlink:to="us-gaap_LiabilitiesCurrentAbstract_lbl" xlink:title="label: LiabilitiesCurrentAbstract to us-gaap_LiabilitiesCurrentAbstract_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_LiabilitiesCurrent" xlink:label="LiabilitiesCurrent" xlink:title="LiabilitiesCurrent" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LiabilitiesCurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="us-gaap_LiabilitiesCurrent_lbl" xml:lang="en-US" id="us-gaap_LiabilitiesCurrent_lbl">Total current liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilitiesCurrent" xlink:to="us-gaap_LiabilitiesCurrent_lbl" xlink:title="label: LiabilitiesCurrent to us-gaap_LiabilitiesCurrent_lbl" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilitiesCurrent" xlink:to="us-gaap_LiabilitiesCurrent_lbl1" xlink:title="label: LiabilitiesCurrent to us-gaap_LiabilitiesCurrent_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_LoansReceivableMember" xlink:label="LoansReceivableMember" xlink:title="LoansReceivableMember" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LoansReceivableMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_LoansReceivableMember_lbl" xml:lang="en-US" id="us-gaap_LoansReceivableMember_lbl">Loans Receivable [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoansReceivableMember" xlink:to="us-gaap_LoansReceivableMember_lbl" xlink:title="label: LoansReceivableMember to us-gaap_LoansReceivableMember_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_LongTermInvestments" xlink:label="LongTermInvestments" xlink:title="LongTermInvestments" />
    <link:label xlink:type="resource" xlink:label="us-gaap_LongTermInvestments_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_LongTermInvestments_lbl" xml:lang="en-US" id="us-gaap_LongTermInvestments_lbl">Long-term investments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LongTermInvestments" xlink:to="us-gaap_LongTermInvestments_lbl" xlink:title="label: LongTermInvestments to us-gaap_LongTermInvestments_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:label="NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:title="NetCashProvidedByUsedInFinancingActivitiesAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_lbl" xml:lang="en-US" id="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_lbl">Cash flows from financing activities:</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_lbl" xlink:title="label: NetCashProvidedByUsedInFinancingActivitiesAbstract to us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:label="NetCashProvidedByUsedInFinancingActivities" xlink:title="NetCashProvidedByUsedInFinancingActivities" />
    <link:label xlink:type="resource" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl" xml:lang="en-US" id="us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl">Net cash provided by (used in) financing activities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetCashProvidedByUsedInFinancingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl" xlink:title="label: NetCashProvidedByUsedInFinancingActivities to us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl1" xml:lang="en-US" id="us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl1">Net Cash Provided by (Used in) Financing Activities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetCashProvidedByUsedInFinancingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl1" xlink:title="label: NetCashProvidedByUsedInFinancingActivities to us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:label="NetCashProvidedByUsedInInvestingActivities" xlink:title="NetCashProvidedByUsedInInvestingActivities" />
    <link:label xlink:type="resource" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl" xml:lang="en-US" id="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl">Net cash used in investing activities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetCashProvidedByUsedInInvestingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl" xlink:title="label: NetCashProvidedByUsedInInvestingActivities to us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl1" xml:lang="en-US" id="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl1">Net Cash Provided by (Used in) Investing Activities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetCashProvidedByUsedInInvestingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl1" xlink:title="label: NetCashProvidedByUsedInInvestingActivities to us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:label="NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:title="NetCashProvidedByUsedInInvestingActivitiesAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_lbl" xml:lang="en-US" id="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_lbl">Cash flows from investing activities:</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_lbl" xlink:title="label: NetCashProvidedByUsedInInvestingActivitiesAbstract to us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:title="NetCashProvidedByUsedInOperatingActivitiesAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xml:lang="en-US" id="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_lbl">Cash flows from operating activities:</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xlink:title="label: NetCashProvidedByUsedInOperatingActivitiesAbstract to us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:label="NetCashProvidedByUsedInOperatingActivities" xlink:title="NetCashProvidedByUsedInOperatingActivities" />
    <link:label xlink:type="resource" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl" xml:lang="en-US" id="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl">Net cash used in operating activities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetCashProvidedByUsedInOperatingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl" xlink:title="label: NetCashProvidedByUsedInOperatingActivities to us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl1" xml:lang="en-US" id="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl1">Net Cash Provided by (Used in) Operating Activities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetCashProvidedByUsedInOperatingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl1" xlink:title="label: NetCashProvidedByUsedInOperatingActivities to us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="NetIncomeLoss" xlink:title="NetIncomeLoss" />
    <link:label xlink:type="resource" xlink:label="us-gaap_NetIncomeLoss_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_NetIncomeLoss_lbl" xml:lang="en-US" id="us-gaap_NetIncomeLoss_lbl">Net income (loss)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetIncomeLoss" xlink:to="us-gaap_NetIncomeLoss_lbl" xlink:title="label: NetIncomeLoss to us-gaap_NetIncomeLoss_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_NetIncomeLoss_lbl1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="us-gaap_NetIncomeLoss_lbl1" xml:lang="en-US" id="us-gaap_NetIncomeLoss_lbl1">Net income (loss)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetIncomeLoss" xlink:to="us-gaap_NetIncomeLoss_lbl1" xlink:title="label: NetIncomeLoss to us-gaap_NetIncomeLoss_lbl1" />
    <link:label xlink:type="resource" xlink:label="us-gaap_NetIncomeLoss_lbl2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_NetIncomeLoss_lbl2" xml:lang="en-US" id="us-gaap_NetIncomeLoss_lbl2">Net income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetIncomeLoss" xlink:to="us-gaap_NetIncomeLoss_lbl2" xlink:title="label: NetIncomeLoss to us-gaap_NetIncomeLoss_lbl2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:label="NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:title="NewAccountingPronouncementsPolicyPolicyTextBlock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock_lbl" xml:lang="en-US" id="us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock_lbl">Recently Issued Accounting Pronouncements</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:to="us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock_lbl" xlink:title="label: NewAccountingPronouncementsPolicyPolicyTextBlock to us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_NotesReceivableRelatedParties" xlink:label="NotesReceivableRelatedParties" xlink:title="NotesReceivableRelatedParties" />
    <link:label xlink:type="resource" xlink:label="us-gaap_NotesReceivableRelatedParties_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_NotesReceivableRelatedParties_lbl" xml:lang="en-US" id="us-gaap_NotesReceivableRelatedParties_lbl">Notes receivable</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NotesReceivableRelatedParties" xlink:to="us-gaap_NotesReceivableRelatedParties_lbl" xlink:title="label: NotesReceivableRelatedParties to us-gaap_NotesReceivableRelatedParties_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_NotesReceivableMember" xlink:label="NotesReceivableMember" xlink:title="NotesReceivableMember" />
    <link:label xlink:type="resource" xlink:label="us-gaap_NotesReceivableMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_NotesReceivableMember_lbl" xml:lang="en-US" id="us-gaap_NotesReceivableMember_lbl">Notes Receivable [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NotesReceivableMember" xlink:to="us-gaap_NotesReceivableMember_lbl" xlink:title="label: NotesReceivableMember to us-gaap_NotesReceivableMember_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_NotesReceivableRelatedPartiesNoncurrent" xlink:label="NotesReceivableRelatedPartiesNoncurrent" xlink:title="NotesReceivableRelatedPartiesNoncurrent" />
    <link:label xlink:type="resource" xlink:label="us-gaap_NotesReceivableRelatedPartiesNoncurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_NotesReceivableRelatedPartiesNoncurrent_lbl" xml:lang="en-US" id="us-gaap_NotesReceivableRelatedPartiesNoncurrent_lbl">Notes receivable - related parties, including accrued interest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NotesReceivableRelatedPartiesNoncurrent" xlink:to="us-gaap_NotesReceivableRelatedPartiesNoncurrent_lbl" xlink:title="label: NotesReceivableRelatedPartiesNoncurrent to us-gaap_NotesReceivableRelatedPartiesNoncurrent_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_OilAndGasMember" xlink:label="OilAndGasMember" xlink:title="OilAndGasMember" />
    <link:label xlink:type="resource" xlink:label="us-gaap_OilAndGasMember_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_OilAndGasMember_lbl" xml:lang="en-US" id="us-gaap_OilAndGasMember_lbl">Oil and Gas Leases [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OilAndGasMember" xlink:to="us-gaap_OilAndGasMember_lbl" xlink:title="label: OilAndGasMember to us-gaap_OilAndGasMember_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_OilAndGasMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_OilAndGasMember_lbl1" xml:lang="en-US" id="us-gaap_OilAndGasMember_lbl1">Oil and Gas [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OilAndGasMember" xlink:to="us-gaap_OilAndGasMember_lbl1" xlink:title="label: OilAndGasMember to us-gaap_OilAndGasMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_OperatingCostsAndExpensesAbstract" xlink:label="OperatingCostsAndExpensesAbstract" xlink:title="OperatingCostsAndExpensesAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_OperatingCostsAndExpensesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_OperatingCostsAndExpensesAbstract_lbl" xml:lang="en-US" id="us-gaap_OperatingCostsAndExpensesAbstract_lbl">Expenses:</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OperatingCostsAndExpensesAbstract" xlink:to="us-gaap_OperatingCostsAndExpensesAbstract_lbl" xlink:title="label: OperatingCostsAndExpensesAbstract to us-gaap_OperatingCostsAndExpensesAbstract_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_OperatingIncomeLoss" xlink:label="OperatingIncomeLoss" xlink:title="OperatingIncomeLoss" />
    <link:label xlink:type="resource" xlink:label="us-gaap_OperatingIncomeLoss_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="us-gaap_OperatingIncomeLoss_lbl" xml:lang="en-US" id="us-gaap_OperatingIncomeLoss_lbl">Operating (loss) income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OperatingIncomeLoss" xlink:to="us-gaap_OperatingIncomeLoss_lbl" xlink:title="label: OperatingIncomeLoss to us-gaap_OperatingIncomeLoss_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_OperatingIncomeLoss_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_OperatingIncomeLoss_lbl1" xml:lang="en-US" id="us-gaap_OperatingIncomeLoss_lbl1">Operating Income (Loss)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OperatingIncomeLoss" xlink:to="us-gaap_OperatingIncomeLoss_lbl1" xlink:title="label: OperatingIncomeLoss to us-gaap_OperatingIncomeLoss_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureAndSignificantAccountingPoliciesTextBlock" xlink:label="OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureAndSignificantAccountingPoliciesTextBlock" xlink:title="OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureAndSignificantAccountingPoliciesTextBlock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureAndSignificantAccountingPoliciesTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureAndSignificantAccountingPoliciesTextBlock_lbl" xml:lang="en-US" id="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureAndSignificantAccountingPoliciesTextBlock_lbl">PRESENTATION OF INTERIM INFORMATION</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureAndSignificantAccountingPoliciesTextBlock" xlink:to="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureAndSignificantAccountingPoliciesTextBlock_lbl" xlink:title="label: OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureAndSignificantAccountingPoliciesTextBlock to us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureAndSignificantAccountingPoliciesTextBlock_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_OtherAssetsNoncurrent" xlink:label="OtherAssetsNoncurrent" xlink:title="OtherAssetsNoncurrent" />
    <link:label xlink:type="resource" xlink:label="us-gaap_OtherAssetsNoncurrent_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_OtherAssetsNoncurrent_lbl" xml:lang="en-US" id="us-gaap_OtherAssetsNoncurrent_lbl">Other assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherAssetsNoncurrent" xlink:to="us-gaap_OtherAssetsNoncurrent_lbl" xlink:title="label: OtherAssetsNoncurrent to us-gaap_OtherAssetsNoncurrent_lbl" />
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    <link:label xlink:type="resource" xlink:label="us-gaap_OtherIncomeAndExpensesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_OtherIncomeAndExpensesAbstract_lbl" xml:lang="en-US" id="us-gaap_OtherIncomeAndExpensesAbstract_lbl">Other income (expense):</link:label>
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    <link:label xlink:type="resource" xlink:label="us-gaap_OtherNonoperatingIncomeExpense_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_OtherNonoperatingIncomeExpense_lbl1" xml:lang="en-US" id="us-gaap_OtherNonoperatingIncomeExpense_lbl1">Other Nonoperating Income (Expense)</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_OtherAccruedLiabilitiesCurrent" xlink:label="OtherAccruedLiabilitiesCurrent" xlink:title="OtherAccruedLiabilitiesCurrent" />
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_PrimeRateMember" xlink:label="PrimeRateMember" xlink:title="PrimeRateMember" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PrimeRateMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PrimeRateMember_lbl" xml:lang="en-US" id="us-gaap_PrimeRateMember_lbl">Prime Rate [Member]</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_PayablesAndAccrualsAbstract" xlink:label="PayablesAndAccrualsAbstract" xlink:title="PayablesAndAccrualsAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PayablesAndAccrualsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PayablesAndAccrualsAbstract_lbl" xml:lang="en-US" id="us-gaap_PayablesAndAccrualsAbstract_lbl">ACCRUED LIABILITIES [Abstract]</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_PaymentsForRoyalties" xlink:label="PaymentsForRoyalties" xlink:title="PaymentsForRoyalties" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PaymentsForRoyalties_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_PaymentsForRoyalties_lbl" xml:lang="en-US" id="us-gaap_PaymentsForRoyalties_lbl">Royalties paid to Land Board</link:label>
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    <link:label xlink:type="resource" xlink:label="us-gaap_PaymentsForRoyalties_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PaymentsForRoyalties_lbl1" xml:lang="en-US" id="us-gaap_PaymentsForRoyalties_lbl1">Payments for Royalties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsForRoyalties" xlink:to="us-gaap_PaymentsForRoyalties_lbl1" xlink:title="label: PaymentsForRoyalties to us-gaap_PaymentsForRoyalties_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_PaymentsToAcquireShortTermInvestments" xlink:label="PaymentsToAcquireShortTermInvestments" xlink:title="PaymentsToAcquireShortTermInvestments" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PaymentsToAcquireShortTermInvestments_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="us-gaap_PaymentsToAcquireShortTermInvestments_lbl" xml:lang="en-US" id="us-gaap_PaymentsToAcquireShortTermInvestments_lbl">Purchase of short-term investments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsToAcquireShortTermInvestments" xlink:to="us-gaap_PaymentsToAcquireShortTermInvestments_lbl" xlink:title="label: PaymentsToAcquireShortTermInvestments to us-gaap_PaymentsToAcquireShortTermInvestments_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PaymentsToAcquireShortTermInvestments_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PaymentsToAcquireShortTermInvestments_lbl1" xml:lang="en-US" id="us-gaap_PaymentsToAcquireShortTermInvestments_lbl1">Payments to Acquire Short-term Investments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsToAcquireShortTermInvestments" xlink:to="us-gaap_PaymentsToAcquireShortTermInvestments_lbl1" xlink:title="label: PaymentsToAcquireShortTermInvestments to us-gaap_PaymentsToAcquireShortTermInvestments_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xlink:label="PaymentsToAcquirePropertyPlantAndEquipment" xlink:title="PaymentsToAcquirePropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_lbl" xml:lang="en-US" id="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_lbl">Purchase of property and equipment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsToAcquirePropertyPlantAndEquipment" xlink:to="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_lbl" xlink:title="label: PaymentsToAcquirePropertyPlantAndEquipment to us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_lbl1" xml:lang="en-US" id="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_lbl1">Payments to Acquire Property, Plant, and Equipment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsToAcquirePropertyPlantAndEquipment" xlink:to="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_lbl1" xlink:title="label: PaymentsToAcquirePropertyPlantAndEquipment to us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_PaymentsToExploreAndDevelopOilAndGasProperties" xlink:label="PaymentsToExploreAndDevelopOilAndGasProperties" xlink:title="PaymentsToExploreAndDevelopOilAndGasProperties" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PaymentsToExploreAndDevelopOilAndGasProperties_lbl" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="us-gaap_PaymentsToExploreAndDevelopOilAndGasProperties_lbl" xml:lang="en-US" id="us-gaap_PaymentsToExploreAndDevelopOilAndGasProperties_lbl">Investments in Sky Ranch development</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsToExploreAndDevelopOilAndGasProperties" xlink:to="us-gaap_PaymentsToExploreAndDevelopOilAndGasProperties_lbl" xlink:title="label: PaymentsToExploreAndDevelopOilAndGasProperties to us-gaap_PaymentsToExploreAndDevelopOilAndGasProperties_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PaymentsToExploreAndDevelopOilAndGasProperties_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PaymentsToExploreAndDevelopOilAndGasProperties_lbl1" xml:lang="en-US" id="us-gaap_PaymentsToExploreAndDevelopOilAndGasProperties_lbl1">Payments to Explore and Develop Oil and Gas Properties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsToExploreAndDevelopOilAndGasProperties" xlink:to="us-gaap_PaymentsToExploreAndDevelopOilAndGasProperties_lbl1" xlink:title="label: PaymentsToExploreAndDevelopOilAndGasProperties to us-gaap_PaymentsToExploreAndDevelopOilAndGasProperties_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_PlanNameAxis" xlink:label="PlanNameAxis" xlink:title="PlanNameAxis" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PlanNameAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PlanNameAxis_lbl" xml:lang="en-US" id="us-gaap_PlanNameAxis_lbl">Plan Name [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PlanNameAxis" xlink:to="us-gaap_PlanNameAxis_lbl" xlink:title="label: PlanNameAxis to us-gaap_PlanNameAxis_lbl" />
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    <link:label xlink:type="resource" xlink:label="us-gaap_PlanNameDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PlanNameDomain_lbl" xml:lang="en-US" id="us-gaap_PlanNameDomain_lbl">Plan Name [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PlanNameDomain" xlink:to="us-gaap_PlanNameDomain_lbl" xlink:title="label: PlanNameDomain to us-gaap_PlanNameDomain_lbl" />
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    <link:label xlink:type="resource" xlink:label="us-gaap_PreferredStockMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_PreferredStockMember_lbl" xml:lang="en-US" id="us-gaap_PreferredStockMember_lbl">Preferred Stock [Member]</link:label>
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    <link:label xlink:type="resource" xlink:label="us-gaap_PreferredStockMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PreferredStockMember_lbl1" xml:lang="en-US" id="us-gaap_PreferredStockMember_lbl1">Preferred Stock [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PreferredStockMember" xlink:to="us-gaap_PreferredStockMember_lbl1" xlink:title="label: PreferredStockMember to us-gaap_PreferredStockMember_lbl1" />
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    <link:label xlink:type="resource" xlink:label="us-gaap_PreferredStockSharesAuthorized_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PreferredStockSharesAuthorized_lbl" xml:lang="en-US" id="us-gaap_PreferredStockSharesAuthorized_lbl">Preferred stock, shares authorized (in shares)</link:label>
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    <link:label xlink:type="resource" xlink:label="us-gaap_PreferredStockValue_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PreferredStockValue_lbl" xml:lang="en-US" id="us-gaap_PreferredStockValue_lbl">Series B - par value $.001 per share, 25 million shares authorized; 432,513 shares issued and outstanding (liquidation preference of $432,513)</link:label>
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    <link:label xlink:type="resource" xlink:label="us-gaap_PriorPeriodReclassificationAdjustmentDescription_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PriorPeriodReclassificationAdjustmentDescription_lbl" xml:lang="en-US" id="us-gaap_PriorPeriodReclassificationAdjustmentDescription_lbl">Reclassifications</link:label>
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    <link:label xlink:type="resource" xlink:label="us-gaap_ProceedsFromCustomersForProgressPayments_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ProceedsFromCustomersForProgressPayments_lbl1" xml:lang="en-US" id="us-gaap_ProceedsFromCustomersForProgressPayments_lbl1">Proceeds from Customers for Progress Payments</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_ProceedsFromIssuanceOfCommonStock" xlink:label="ProceedsFromIssuanceOfCommonStock" xlink:title="ProceedsFromIssuanceOfCommonStock" />
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_ProceedsFromRelatedPartyDebt" xlink:label="ProceedsFromRelatedPartyDebt" xlink:title="ProceedsFromRelatedPartyDebt" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ProceedsFromRelatedPartyDebt_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_ProceedsFromRelatedPartyDebt_lbl" xml:lang="en-US" id="us-gaap_ProceedsFromRelatedPartyDebt_lbl">Proceeds from note receivable - related parties</link:label>
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProceedsFromRelatedPartyDebt" xlink:to="us-gaap_ProceedsFromRelatedPartyDebt_lbl1" xlink:title="label: ProceedsFromRelatedPartyDebt to us-gaap_ProceedsFromRelatedPartyDebt_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_ProductiveOilWellsNumberOfWellsNet" xlink:label="ProductiveOilWellsNumberOfWellsNet" xlink:title="ProductiveOilWellsNumberOfWellsNet" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ProductiveOilWellsNumberOfWellsNet_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_ProductiveOilWellsNumberOfWellsNet_lbl" xml:lang="en-US" id="us-gaap_ProductiveOilWellsNumberOfWellsNet_lbl">Number of drilling wells</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProductiveOilWellsNumberOfWellsNet" xlink:to="us-gaap_ProductiveOilWellsNumberOfWellsNet_lbl" xlink:title="label: ProductiveOilWellsNumberOfWellsNet to us-gaap_ProductiveOilWellsNumberOfWellsNet_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ProductiveOilWellsNumberOfWellsNet_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ProductiveOilWellsNumberOfWellsNet_lbl1" xml:lang="en-US" id="us-gaap_ProductiveOilWellsNumberOfWellsNet_lbl1">Productive Oil Wells, Number of Wells, Net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProductiveOilWellsNumberOfWellsNet" xlink:to="us-gaap_ProductiveOilWellsNumberOfWellsNet_lbl1" xlink:title="label: ProductiveOilWellsNumberOfWellsNet to us-gaap_ProductiveOilWellsNumberOfWellsNet_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:label="PropertyPlantAndEquipmentByTypeAxis" xlink:title="PropertyPlantAndEquipmentByTypeAxis" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PropertyPlantAndEquipmentByTypeAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PropertyPlantAndEquipmentByTypeAxis_lbl" xml:lang="en-US" id="us-gaap_PropertyPlantAndEquipmentByTypeAxis_lbl">Property, Plant and Equipment, Type [Axis]</link:label>
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    <link:label xlink:type="resource" xlink:label="us-gaap_PropertyManagementFeePercentFee_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PropertyManagementFeePercentFee_lbl" xml:lang="en-US" id="us-gaap_PropertyManagementFeePercentFee_lbl">Project management fee percentage</link:label>
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    <link:label xlink:type="resource" xlink:label="us-gaap_PropertyPlantAndEquipmentUsefulLife_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PropertyPlantAndEquipmentUsefulLife_lbl" xml:lang="en-US" id="us-gaap_PropertyPlantAndEquipmentUsefulLife_lbl">Estimated useful lives</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_PropertyPlantAndEquipmentLineItems" xlink:label="PropertyPlantAndEquipmentLineItems" xlink:title="PropertyPlantAndEquipmentLineItems" />
    <link:label xlink:type="resource" xlink:label="us-gaap_PropertyPlantAndEquipmentLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PropertyPlantAndEquipmentLineItems_lbl" xml:lang="en-US" id="us-gaap_PropertyPlantAndEquipmentLineItems_lbl">Property, Plant and Equipment [Line Items]</link:label>
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    <link:label xlink:type="resource" xlink:label="us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock_lbl" xml:lang="en-US" id="us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock_lbl">WATER AND LAND ASSETS</link:label>
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    <link:label xlink:type="resource" xlink:label="us-gaap_PropertyPlantAndEquipmentNet_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_PropertyPlantAndEquipmentNet_lbl" xml:lang="en-US" id="us-gaap_PropertyPlantAndEquipmentNet_lbl">Investments in water and water systems, net</link:label>
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    <link:label xlink:type="resource" xlink:label="us-gaap_ProvisionForDoubtfulAccounts_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ProvisionForDoubtfulAccounts_lbl" xml:lang="en-US" id="us-gaap_ProvisionForDoubtfulAccounts_lbl">Recovery of bad debt expense</link:label>
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RealEstateInvestments" xlink:to="us-gaap_RealEstateInvestments_lbl" xlink:title="label: RealEstateInvestments to us-gaap_RealEstateInvestments_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_ReceivableTypeDomain" xlink:label="ReceivableTypeDomain" xlink:title="ReceivableTypeDomain" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ReceivableTypeDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ReceivableTypeDomain_lbl" xml:lang="en-US" id="us-gaap_ReceivableTypeDomain_lbl">Receivable [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReceivableTypeDomain" xlink:to="us-gaap_ReceivableTypeDomain_lbl" xlink:title="label: ReceivableTypeDomain to us-gaap_ReceivableTypeDomain_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTable" xlink:label="ReconciliationOfAssetsFromSegmentToConsolidatedTable" xlink:title="ReconciliationOfAssetsFromSegmentToConsolidatedTable" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTable_lbl" xml:lang="en-US" id="us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTable_lbl">Reconciliation of Assets from Segment to Consolidated [Table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReconciliationOfAssetsFromSegmentToConsolidatedTable" xlink:to="us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTable_lbl" xlink:title="label: ReconciliationOfAssetsFromSegmentToConsolidatedTable to us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTable_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_RelatedPartyTransactionsAbstract" xlink:label="RelatedPartyTransactionsAbstract" xlink:title="RelatedPartyTransactionsAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_RelatedPartyTransactionsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_RelatedPartyTransactionsAbstract_lbl" xml:lang="en-US" id="us-gaap_RelatedPartyTransactionsAbstract_lbl">RELATED PARTY TRANSACTIONS [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RelatedPartyTransactionsAbstract" xlink:to="us-gaap_RelatedPartyTransactionsAbstract_lbl" xlink:title="label: RelatedPartyTransactionsAbstract to us-gaap_RelatedPartyTransactionsAbstract_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_RelatedPartyTransactionLineItems" xlink:label="RelatedPartyTransactionLineItems" xlink:title="RelatedPartyTransactionLineItems" />
    <link:label xlink:type="resource" xlink:label="us-gaap_RelatedPartyTransactionLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_RelatedPartyTransactionLineItems_lbl" xml:lang="en-US" id="us-gaap_RelatedPartyTransactionLineItems_lbl">Related Party Transaction [Line Items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RelatedPartyTransactionLineItems" xlink:to="us-gaap_RelatedPartyTransactionLineItems_lbl" xlink:title="label: RelatedPartyTransactionLineItems to us-gaap_RelatedPartyTransactionLineItems_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_RelatedPartyTransactionDomain" xlink:label="RelatedPartyTransactionDomain" xlink:title="RelatedPartyTransactionDomain" />
    <link:label xlink:type="resource" xlink:label="us-gaap_RelatedPartyTransactionDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_RelatedPartyTransactionDomain_lbl" xml:lang="en-US" id="us-gaap_RelatedPartyTransactionDomain_lbl">Related Party Transaction [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RelatedPartyTransactionDomain" xlink:to="us-gaap_RelatedPartyTransactionDomain_lbl" xlink:title="label: RelatedPartyTransactionDomain to us-gaap_RelatedPartyTransactionDomain_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_RelatedPartyTransactionAmountsOfTransaction" xlink:label="RelatedPartyTransactionAmountsOfTransaction" xlink:title="RelatedPartyTransactionAmountsOfTransaction" />
    <link:label xlink:type="resource" xlink:label="us-gaap_RelatedPartyTransactionAmountsOfTransaction_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_RelatedPartyTransactionAmountsOfTransaction_lbl" xml:lang="en-US" id="us-gaap_RelatedPartyTransactionAmountsOfTransaction_lbl">Funding pursuant to participation agreement</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RelatedPartyTransactionAmountsOfTransaction" xlink:to="us-gaap_RelatedPartyTransactionAmountsOfTransaction_lbl" xlink:title="label: RelatedPartyTransactionAmountsOfTransaction to us-gaap_RelatedPartyTransactionAmountsOfTransaction_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_RelatedPartyTransactionAmountsOfTransaction_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_RelatedPartyTransactionAmountsOfTransaction_lbl1" xml:lang="en-US" id="us-gaap_RelatedPartyTransactionAmountsOfTransaction_lbl1">Related Party Transaction, Amounts of Transaction</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RelatedPartyTransactionAmountsOfTransaction" xlink:to="us-gaap_RelatedPartyTransactionAmountsOfTransaction_lbl1" xlink:title="label: RelatedPartyTransactionAmountsOfTransaction to us-gaap_RelatedPartyTransactionAmountsOfTransaction_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_RelatedPartyDomain" xlink:label="RelatedPartyDomain" xlink:title="RelatedPartyDomain" />
    <link:label xlink:type="resource" xlink:label="us-gaap_RelatedPartyDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_RelatedPartyDomain_lbl" xml:lang="en-US" id="us-gaap_RelatedPartyDomain_lbl">Related Party [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RelatedPartyDomain" xlink:to="us-gaap_RelatedPartyDomain_lbl" xlink:title="label: RelatedPartyDomain to us-gaap_RelatedPartyDomain_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:label="RelatedPartyTransactionsByRelatedPartyAxis" xlink:title="RelatedPartyTransactionsByRelatedPartyAxis" />
    <link:label xlink:type="resource" xlink:label="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_lbl" xml:lang="en-US" id="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_lbl">Related Party [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RelatedPartyTransactionsByRelatedPartyAxis" xlink:to="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_lbl" xlink:title="label: RelatedPartyTransactionsByRelatedPartyAxis to us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:label="RelatedPartyTransactionsDisclosureTextBlock" xlink:title="RelatedPartyTransactionsDisclosureTextBlock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl" xml:lang="en-US" id="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl">RELATED PARTY TRANSACTIONS</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RelatedPartyTransactionsDisclosureTextBlock" xlink:to="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl" xlink:title="label: RelatedPartyTransactionsDisclosureTextBlock to us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl1" xml:lang="en-US" id="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl1">Related Party Transactions Disclosure [Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RelatedPartyTransactionsDisclosureTextBlock" xlink:to="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl1" xlink:title="label: RelatedPartyTransactionsDisclosureTextBlock to us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_RelatedPartyTransactionAxis" xlink:label="RelatedPartyTransactionAxis" xlink:title="RelatedPartyTransactionAxis" />
    <link:label xlink:type="resource" xlink:label="us-gaap_RelatedPartyTransactionAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_RelatedPartyTransactionAxis_lbl" xml:lang="en-US" id="us-gaap_RelatedPartyTransactionAxis_lbl">Related Party Transaction [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RelatedPartyTransactionAxis" xlink:to="us-gaap_RelatedPartyTransactionAxis_lbl" xlink:title="label: RelatedPartyTransactionAxis to us-gaap_RelatedPartyTransactionAxis_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_RentalIncomeNonoperating" xlink:label="RentalIncomeNonoperating" xlink:title="RentalIncomeNonoperating" />
    <link:label xlink:type="resource" xlink:label="us-gaap_RentalIncomeNonoperating_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_RentalIncomeNonoperating_lbl" xml:lang="en-US" id="us-gaap_RentalIncomeNonoperating_lbl">Oil and gas lease income, net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RentalIncomeNonoperating" xlink:to="us-gaap_RentalIncomeNonoperating_lbl" xlink:title="label: RentalIncomeNonoperating to us-gaap_RentalIncomeNonoperating_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_RentalIncomeNonoperating_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_RentalIncomeNonoperating_lbl1" xml:lang="en-US" id="us-gaap_RentalIncomeNonoperating_lbl1">Rental Income, Nonoperating</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RentalIncomeNonoperating" xlink:to="us-gaap_RentalIncomeNonoperating_lbl1" xlink:title="label: RentalIncomeNonoperating to us-gaap_RentalIncomeNonoperating_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_RetainedEarningsAccumulatedDeficit" xlink:label="RetainedEarningsAccumulatedDeficit" xlink:title="RetainedEarningsAccumulatedDeficit" />
    <link:label xlink:type="resource" xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_RetainedEarningsAccumulatedDeficit_lbl" xml:lang="en-US" id="us-gaap_RetainedEarningsAccumulatedDeficit_lbl">Accumulated deficit</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RetainedEarningsAccumulatedDeficit" xlink:to="us-gaap_RetainedEarningsAccumulatedDeficit_lbl" xlink:title="label: RetainedEarningsAccumulatedDeficit to us-gaap_RetainedEarningsAccumulatedDeficit_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_RetainedEarningsMember" xlink:label="RetainedEarningsMember" xlink:title="RetainedEarningsMember" />
    <link:label xlink:type="resource" xlink:label="us-gaap_RetainedEarningsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_RetainedEarningsMember_lbl" xml:lang="en-US" id="us-gaap_RetainedEarningsMember_lbl">Accumulated Deficit [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RetainedEarningsMember" xlink:to="us-gaap_RetainedEarningsMember_lbl" xlink:title="label: RetainedEarningsMember to us-gaap_RetainedEarningsMember_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_RetainedEarningsMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_RetainedEarningsMember_lbl1" xml:lang="en-US" id="us-gaap_RetainedEarningsMember_lbl1">Retained Earnings [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RetainedEarningsMember" xlink:to="us-gaap_RetainedEarningsMember_lbl1" xlink:title="label: RetainedEarningsMember to us-gaap_RetainedEarningsMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax" xlink:label="RevenueFromContractWithCustomerExcludingAssessedTax" xlink:title="RevenueFromContractWithCustomerExcludingAssessedTax" />
    <link:label xlink:type="resource" xlink:label="us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax_lbl" xml:lang="en-US" id="us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax_lbl">Total revenues</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevenueFromContractWithCustomerExcludingAssessedTax" xlink:to="us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax_lbl" xlink:title="label: RevenueFromContractWithCustomerExcludingAssessedTax to us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax_lbl1" xml:lang="en-US" id="us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax_lbl1">Revenue from Contract with Customer, Excluding Assessed Tax</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevenueFromContractWithCustomerExcludingAssessedTax" xlink:to="us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax_lbl1" xlink:title="label: RevenueFromContractWithCustomerExcludingAssessedTax to us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_RevenueRemainingPerformanceObligation" xlink:label="RevenueRemainingPerformanceObligation" xlink:title="RevenueRemainingPerformanceObligation" />
    <link:label xlink:type="resource" xlink:label="us-gaap_RevenueRemainingPerformanceObligation_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_RevenueRemainingPerformanceObligation_lbl" xml:lang="en-US" id="us-gaap_RevenueRemainingPerformanceObligation_lbl">Remaining performance obligation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevenueRemainingPerformanceObligation" xlink:to="us-gaap_RevenueRemainingPerformanceObligation_lbl" xlink:title="label: RevenueRemainingPerformanceObligation to us-gaap_RevenueRemainingPerformanceObligation_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_RevenueRemainingPerformanceObligationPercentage" xlink:label="RevenueRemainingPerformanceObligationPercentage" xlink:title="RevenueRemainingPerformanceObligationPercentage" />
    <link:label xlink:type="resource" xlink:label="us-gaap_RevenueRemainingPerformanceObligationPercentage_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_RevenueRemainingPerformanceObligationPercentage_lbl" xml:lang="en-US" id="us-gaap_RevenueRemainingPerformanceObligationPercentage_lbl">Remaining performance obligation expected to be recognized in the next 12 months</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevenueRemainingPerformanceObligationPercentage" xlink:to="us-gaap_RevenueRemainingPerformanceObligationPercentage_lbl" xlink:title="label: RevenueRemainingPerformanceObligationPercentage to us-gaap_RevenueRemainingPerformanceObligationPercentage_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_RevenueFromContractWithCustomerPolicyTextBlock" xlink:label="RevenueFromContractWithCustomerPolicyTextBlock" xlink:title="RevenueFromContractWithCustomerPolicyTextBlock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_RevenueFromContractWithCustomerPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_RevenueFromContractWithCustomerPolicyTextBlock_lbl" xml:lang="en-US" id="us-gaap_RevenueFromContractWithCustomerPolicyTextBlock_lbl">Revenue Recognition</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevenueFromContractWithCustomerPolicyTextBlock" xlink:to="us-gaap_RevenueFromContractWithCustomerPolicyTextBlock_lbl" xlink:title="label: RevenueFromContractWithCustomerPolicyTextBlock to us-gaap_RevenueFromContractWithCustomerPolicyTextBlock_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_RevenuePerformanceObligationAbstract" xlink:label="RevenuePerformanceObligationAbstract" xlink:title="RevenuePerformanceObligationAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_RevenuePerformanceObligationAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_RevenuePerformanceObligationAbstract_lbl" xml:lang="en-US" id="us-gaap_RevenuePerformanceObligationAbstract_lbl">Revenue, Performance Obligation [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevenuePerformanceObligationAbstract" xlink:to="us-gaap_RevenuePerformanceObligationAbstract_lbl" xlink:title="label: RevenuePerformanceObligationAbstract to us-gaap_RevenuePerformanceObligationAbstract_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_RevenuesAbstract" xlink:label="RevenuesAbstract" xlink:title="RevenuesAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_RevenuesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_RevenuesAbstract_lbl" xml:lang="en-US" id="us-gaap_RevenuesAbstract_lbl">Revenues:</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevenuesAbstract" xlink:to="us-gaap_RevenuesAbstract_lbl" xlink:title="label: RevenuesAbstract to us-gaap_RevenuesAbstract_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_RisksAndUncertaintiesAbstract" xlink:label="RisksAndUncertaintiesAbstract" xlink:title="RisksAndUncertaintiesAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_RisksAndUncertaintiesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_RisksAndUncertaintiesAbstract_lbl" xml:lang="en-US" id="us-gaap_RisksAndUncertaintiesAbstract_lbl">SIGNIFICANT CUSTOMERS [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RisksAndUncertaintiesAbstract" xlink:to="us-gaap_RisksAndUncertaintiesAbstract_lbl" xlink:title="label: RisksAndUncertaintiesAbstract to us-gaap_RisksAndUncertaintiesAbstract_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_RoyaltyIncomeNonoperating" xlink:label="RoyaltyIncomeNonoperating" xlink:title="RoyaltyIncomeNonoperating" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue" xlink:to="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue_lbl" xlink:title="label: SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue to us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue_lbl1" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue_lbl1" xml:lang="en-US" id="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue_lbl1">Non-vested options outstanding, end of period (in dollars per share)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue" xlink:to="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue_lbl1" xlink:title="label: SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue to us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue_lbl1" />
    <link:label xlink:type="resource" xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue_lbl2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue_lbl2" xml:lang="en-US" id="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue_lbl2">Share-based Compensation Arrangement by Share-based Payment Award, Option, Nonvested, Weighted Average Exercise Price</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue" xlink:to="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue_lbl2" xlink:title="label: SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue to us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue_lbl2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue" xlink:label="SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue" xlink:title="SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue" />
    <link:label xlink:type="resource" xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue_lbl" xml:lang="en-US" id="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue_lbl">Vested (in dollars per share)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue" xlink:to="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue_lbl" xlink:title="label: SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue to us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfSharesRollForward" xlink:label="SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfSharesRollForward" xlink:title="SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfSharesRollForward" />
    <link:label xlink:type="resource" xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfSharesRollForward_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfSharesRollForward_lbl" xml:lang="en-US" id="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfSharesRollForward_lbl">Number of Options [Roll Forward]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfSharesRollForward" xlink:to="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfSharesRollForward_lbl" xlink:title="label: SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfSharesRollForward to us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfSharesRollForward_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfSharesRollForward_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfSharesRollForward_lbl1" xml:lang="en-US" id="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfSharesRollForward_lbl1">Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfSharesRollForward" xlink:to="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfSharesRollForward_lbl1" xlink:title="label: SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfSharesRollForward to us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfSharesRollForward_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_SalesRevenueNetMember" xlink:label="SalesRevenueNetMember" xlink:title="SalesRevenueNetMember" />
    <link:label xlink:type="resource" xlink:label="us-gaap_SalesRevenueNetMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_SalesRevenueNetMember_lbl" xml:lang="en-US" id="us-gaap_SalesRevenueNetMember_lbl">Revenue [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SalesRevenueNetMember" xlink:to="us-gaap_SalesRevenueNetMember_lbl" xlink:title="label: SalesRevenueNetMember to us-gaap_SalesRevenueNetMember_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_SalesMember" xlink:label="SalesMember" xlink:title="SalesMember" />
    <link:label xlink:type="resource" xlink:label="us-gaap_SalesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_SalesMember_lbl" xml:lang="en-US" id="us-gaap_SalesMember_lbl">Sales [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SalesMember" xlink:to="us-gaap_SalesMember_lbl" xlink:title="label: SalesMember to us-gaap_SalesMember_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_ScheduleOfNonvestedShareActivityTableTextBlock" xlink:label="ScheduleOfNonvestedShareActivityTableTextBlock" xlink:title="ScheduleOfNonvestedShareActivityTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ScheduleOfNonvestedShareActivityTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ScheduleOfNonvestedShareActivityTableTextBlock_lbl" xml:lang="en-US" id="us-gaap_ScheduleOfNonvestedShareActivityTableTextBlock_lbl">Value of Non-vested Options</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ScheduleOfNonvestedShareActivityTableTextBlock" xlink:to="us-gaap_ScheduleOfNonvestedShareActivityTableTextBlock_lbl" xlink:title="label: ScheduleOfNonvestedShareActivityTableTextBlock to us-gaap_ScheduleOfNonvestedShareActivityTableTextBlock_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock" xlink:label="ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock" xlink:title="ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_lbl" xml:lang="en-US" id="us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_lbl">Stock Option Activity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock" xlink:to="us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_lbl" xlink:title="label: ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock to us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_ScheduleOfDebtTableTextBlock" xlink:label="ScheduleOfDebtTableTextBlock" xlink:title="ScheduleOfDebtTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ScheduleOfDebtTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ScheduleOfDebtTableTextBlock_lbl" xml:lang="en-US" id="us-gaap_ScheduleOfDebtTableTextBlock_lbl">Remaining Third Party Obligation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ScheduleOfDebtTableTextBlock" xlink:to="us-gaap_ScheduleOfDebtTableTextBlock_lbl" xlink:title="label: ScheduleOfDebtTableTextBlock to us-gaap_ScheduleOfDebtTableTextBlock_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" xlink:label="ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" xlink:title="ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_lbl" xml:lang="en-US" id="us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_lbl">Schedule of Related Party Transactions, by Related Party [Table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" xlink:to="us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_lbl" xlink:title="label: ScheduleOfRelatedPartyTransactionsByRelatedPartyTable to us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_ScheduleOfPropertyPlantAndEquipmentTable" xlink:label="ScheduleOfPropertyPlantAndEquipmentTable" xlink:title="ScheduleOfPropertyPlantAndEquipmentTable" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ScheduleOfPropertyPlantAndEquipmentTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ScheduleOfPropertyPlantAndEquipmentTable_lbl" xml:lang="en-US" id="us-gaap_ScheduleOfPropertyPlantAndEquipmentTable_lbl">Property, Plant and Equipment [Table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ScheduleOfPropertyPlantAndEquipmentTable" xlink:to="us-gaap_ScheduleOfPropertyPlantAndEquipmentTable_lbl" xlink:title="label: ScheduleOfPropertyPlantAndEquipmentTable to us-gaap_ScheduleOfPropertyPlantAndEquipmentTable_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_ScheduleOfSegmentReportingInformationBySegmentTable" xlink:label="ScheduleOfSegmentReportingInformationBySegmentTable" xlink:title="ScheduleOfSegmentReportingInformationBySegmentTable" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ScheduleOfSegmentReportingInformationBySegmentTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ScheduleOfSegmentReportingInformationBySegmentTable_lbl" xml:lang="en-US" id="us-gaap_ScheduleOfSegmentReportingInformationBySegmentTable_lbl">Schedule of Segment Reporting Information, by Segment [Table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ScheduleOfSegmentReportingInformationBySegmentTable" xlink:to="us-gaap_ScheduleOfSegmentReportingInformationBySegmentTable_lbl" xlink:title="label: ScheduleOfSegmentReportingInformationBySegmentTable to us-gaap_ScheduleOfSegmentReportingInformationBySegmentTable_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock" xlink:label="ScheduleOfSegmentReportingInformationBySegmentTextBlock" xlink:title="ScheduleOfSegmentReportingInformationBySegmentTextBlock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock_lbl" xml:lang="en-US" id="us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock_lbl">Information by Segments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ScheduleOfSegmentReportingInformationBySegmentTextBlock" xlink:to="us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock_lbl" xlink:title="label: ScheduleOfSegmentReportingInformationBySegmentTextBlock to us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" xlink:label="ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" xlink:title="ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_lbl" xml:lang="en-US" id="us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_lbl">Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" xlink:to="us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_lbl" xlink:title="label: ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable to us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_SegmentReportingInformationLineItems" xlink:label="SegmentReportingInformationLineItems" xlink:title="SegmentReportingInformationLineItems" />
    <link:label xlink:type="resource" xlink:label="us-gaap_SegmentReportingInformationLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_SegmentReportingInformationLineItems_lbl" xml:lang="en-US" id="us-gaap_SegmentReportingInformationLineItems_lbl">Segment Reporting Information [Line Items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SegmentReportingInformationLineItems" xlink:to="us-gaap_SegmentReportingInformationLineItems_lbl" xlink:title="label: SegmentReportingInformationLineItems to us-gaap_SegmentReportingInformationLineItems_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_SegmentReportingDisclosureTextBlock" xlink:label="SegmentReportingDisclosureTextBlock" xlink:title="SegmentReportingDisclosureTextBlock" />
    <link:label xlink:type="resource" xlink:label="us-gaap_SegmentReportingDisclosureTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_SegmentReportingDisclosureTextBlock_lbl" xml:lang="en-US" id="us-gaap_SegmentReportingDisclosureTextBlock_lbl">SEGMENT INFORMATION</link:label>
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SegmentReportingAbstract" xlink:to="us-gaap_SegmentReportingAbstract_lbl" xlink:title="label: SegmentReportingAbstract to us-gaap_SegmentReportingAbstract_lbl" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SegmentDomain" xlink:to="us-gaap_SegmentDomain_lbl" xlink:title="label: SegmentDomain to us-gaap_SegmentDomain_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_SegmentReportingInformationRevenueAbstract" xlink:label="SegmentReportingInformationRevenueAbstract" xlink:title="SegmentReportingInformationRevenueAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_SegmentReportingInformationRevenueAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_SegmentReportingInformationRevenueAbstract_lbl" xml:lang="en-US" id="us-gaap_SegmentReportingInformationRevenueAbstract_lbl">Revenues [Abstract]</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_SegmentReportingInformationIncomeLossBeforeIncomeTaxesAbstract" xlink:label="SegmentReportingInformationIncomeLossBeforeIncomeTaxesAbstract" xlink:title="SegmentReportingInformationIncomeLossBeforeIncomeTaxesAbstract" />
    <link:label xlink:type="resource" xlink:label="us-gaap_SegmentReportingInformationIncomeLossBeforeIncomeTaxesAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_SegmentReportingInformationIncomeLossBeforeIncomeTaxesAbstract_lbl" xml:lang="en-US" id="us-gaap_SegmentReportingInformationIncomeLossBeforeIncomeTaxesAbstract_lbl">Pretax income (loss) [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SegmentReportingInformationIncomeLossBeforeIncomeTaxesAbstract" xlink:to="us-gaap_SegmentReportingInformationIncomeLossBeforeIncomeTaxesAbstract_lbl" xlink:title="label: SegmentReportingInformationIncomeLossBeforeIncomeTaxesAbstract to us-gaap_SegmentReportingInformationIncomeLossBeforeIncomeTaxesAbstract_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_SeriesBPreferredStockMember" xlink:label="SeriesBPreferredStockMember" xlink:title="SeriesBPreferredStockMember" />
    <link:label xlink:type="resource" xlink:label="us-gaap_SeriesBPreferredStockMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_SeriesBPreferredStockMember_lbl" xml:lang="en-US" id="us-gaap_SeriesBPreferredStockMember_lbl">Series B Preferred Stock [Member]</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice" xlink:label="ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice" xlink:title="ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice" />
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice" xlink:label="ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice" xlink:title="ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice" />
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:label="ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:title="ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_lbl" xlink:title="label: ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue to us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_lbl1" xml:lang="en-US" id="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_lbl1">Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_lbl1" xlink:title="label: ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue to us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" xlink:label="ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" xlink:title="ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_lbl" xlink:title="label: ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber to us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_lbl1" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_lbl1" xml:lang="en-US" id="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_lbl1">Outstanding, end of period (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_lbl1" xlink:title="label: ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber to us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_lbl1" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_lbl2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_lbl2" xml:lang="en-US" id="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_lbl2">Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_lbl2" xlink:title="label: ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber to us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_lbl2" />
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    <link:label xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_lbl" xml:lang="en-US" id="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_lbl">Approximate aggregate intrinsic value</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_lbl" xlink:title="label: ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue to us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_lbl1" xml:lang="en-US" id="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_lbl1">Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized" xlink:label="ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized" xlink:title="ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized" />
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    <link:label xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_lbl1" xml:lang="en-US" id="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_lbl1">Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_lbl1" xlink:title="label: ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized to us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy" xlink:label="ShareBasedCompensationOptionAndIncentivePlansPolicy" xlink:title="ShareBasedCompensationOptionAndIncentivePlansPolicy" />
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    <link:label xlink:type="resource" xlink:label="us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy_lbl1" xml:lang="en-US" id="us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy_lbl1">Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareBasedCompensationOptionAndIncentivePlansPolicy" xlink:to="us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy_lbl1" xlink:title="label: ShareBasedCompensationOptionAndIncentivePlansPolicy to us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy_lbl1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharesOutstanding" xlink:to="us-gaap_SharesOutstanding_lbl" xlink:title="label: SharesOutstanding to us-gaap_SharesOutstanding_lbl" />
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    <link:label xlink:type="resource" xlink:label="us-gaap_StatementOfFinancialPositionAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_StatementOfFinancialPositionAbstract_lbl" xml:lang="en-US" id="us-gaap_StatementOfFinancialPositionAbstract_lbl">CONSOLIDATED BALANCE SHEETS (unaudited) [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatementOfFinancialPositionAbstract" xlink:to="us-gaap_StatementOfFinancialPositionAbstract_lbl" xlink:title="label: StatementOfFinancialPositionAbstract to us-gaap_StatementOfFinancialPositionAbstract_lbl" />
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    <link:label xlink:type="resource" xlink:label="us-gaap_StockholdersEquity_lbl1" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="us-gaap_StockholdersEquity_lbl1" xml:lang="en-US" id="us-gaap_StockholdersEquity_lbl1">Balance</link:label>
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockholdersEquity" xlink:to="us-gaap_StockholdersEquity_lbl2" xlink:title="label: StockholdersEquity to us-gaap_StockholdersEquity_lbl2" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockholdersEquityAbstract" xlink:to="us-gaap_StockholdersEquityAbstract_lbl" xlink:title="label: StockholdersEquityAbstract to us-gaap_StockholdersEquityAbstract_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_StockholdersEquityAbstract_lbl1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_StockholdersEquityAbstract_lbl1" xml:lang="en-US" id="us-gaap_StockholdersEquityAbstract_lbl1">SHAREHOLDERS' EQUITY:</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockholdersEquityAbstract" xlink:to="us-gaap_StockholdersEquityAbstract_lbl1" xlink:title="label: StockholdersEquityAbstract to us-gaap_StockholdersEquityAbstract_lbl1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SupplementalCashFlowElementsAbstract" xlink:to="us-gaap_SupplementalCashFlowElementsAbstract_lbl" xlink:title="label: SupplementalCashFlowElementsAbstract to us-gaap_SupplementalCashFlowElementsAbstract_lbl" />
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    <link:label xlink:type="resource" xlink:label="us-gaap_TitleOfIndividualWithRelationshipToEntityDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_TitleOfIndividualWithRelationshipToEntityDomain_lbl" xml:lang="en-US" id="us-gaap_TitleOfIndividualWithRelationshipToEntityDomain_lbl">Relationship to Entity [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TitleOfIndividualWithRelationshipToEntityDomain" xlink:to="us-gaap_TitleOfIndividualWithRelationshipToEntityDomain_lbl" xlink:title="label: TitleOfIndividualWithRelationshipToEntityDomain to us-gaap_TitleOfIndividualWithRelationshipToEntityDomain_lbl" />
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain" xlink:label="TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain" xlink:title="TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain" />
    <link:label xlink:type="resource" xlink:label="us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain_lbl" xml:lang="en-US" id="us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain_lbl">Financial Instruments [Domain]</link:label>
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    <link:label xlink:type="resource" xlink:label="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_lbl" xml:lang="en-US" id="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_lbl">Weighted average common shares outstanding-diluted (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WeightedAverageNumberOfDilutedSharesOutstanding" xlink:to="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_lbl" xlink:title="label: WeightedAverageNumberOfDilutedSharesOutstanding to us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_lbl" />
    <link:label xlink:type="resource" xlink:label="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_lbl1" xml:lang="en-US" id="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_lbl1">Weighted Average Number of Shares Outstanding, Diluted</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WeightedAverageNumberOfDilutedSharesOutstanding" xlink:to="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_lbl1" xlink:title="label: WeightedAverageNumberOfDilutedSharesOutstanding to us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_lbl1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2018/elts/srt-2018-01-31.xsd#srt_ConsolidationItemsAxis" xlink:label="ConsolidationItemsAxis" xlink:title="ConsolidationItemsAxis" />
    <link:label xlink:type="resource" xlink:label="srt_ConsolidationItemsAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="srt_ConsolidationItemsAxis_lbl" xml:lang="en-US" id="srt_ConsolidationItemsAxis_lbl">Consolidation Items [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConsolidationItemsAxis" xlink:to="srt_ConsolidationItemsAxis_lbl" xlink:title="label: ConsolidationItemsAxis to srt_ConsolidationItemsAxis_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2018/elts/srt-2018-01-31.xsd#srt_ConsolidationItemsDomain" xlink:label="ConsolidationItemsDomain" xlink:title="ConsolidationItemsDomain" />
    <link:label xlink:type="resource" xlink:label="srt_ConsolidationItemsDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="srt_ConsolidationItemsDomain_lbl" xml:lang="en-US" id="srt_ConsolidationItemsDomain_lbl">Consolidation Items [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConsolidationItemsDomain" xlink:to="srt_ConsolidationItemsDomain_lbl" xlink:title="label: ConsolidationItemsDomain to srt_ConsolidationItemsDomain_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2018/elts/srt-2018-01-31.xsd#srt_MajorCustomersAxis" xlink:label="MajorCustomersAxis" xlink:title="MajorCustomersAxis" />
    <link:label xlink:type="resource" xlink:label="srt_MajorCustomersAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="srt_MajorCustomersAxis_lbl" xml:lang="en-US" id="srt_MajorCustomersAxis_lbl">Customer [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MajorCustomersAxis" xlink:to="srt_MajorCustomersAxis_lbl" xlink:title="label: MajorCustomersAxis to srt_MajorCustomersAxis_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2018/elts/srt-2018-01-31.xsd#srt_MaximumMember" xlink:label="MaximumMember" xlink:title="MaximumMember" />
    <link:label xlink:type="resource" xlink:label="srt_MaximumMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="srt_MaximumMember_lbl" xml:lang="en-US" id="srt_MaximumMember_lbl">Maximum [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaximumMember" xlink:to="srt_MaximumMember_lbl" xlink:title="label: MaximumMember to srt_MaximumMember_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2018/elts/srt-2018-01-31.xsd#srt_NameOfMajorCustomerDomain" xlink:label="NameOfMajorCustomerDomain" xlink:title="NameOfMajorCustomerDomain" />
    <link:label xlink:type="resource" xlink:label="srt_NameOfMajorCustomerDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="srt_NameOfMajorCustomerDomain_lbl" xml:lang="en-US" id="srt_NameOfMajorCustomerDomain_lbl">Customer [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NameOfMajorCustomerDomain" xlink:to="srt_NameOfMajorCustomerDomain_lbl" xlink:title="label: NameOfMajorCustomerDomain to srt_NameOfMajorCustomerDomain_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2018/elts/srt-2018-01-31.xsd#srt_ProductsAndServicesDomain" xlink:label="ProductsAndServicesDomain" xlink:title="ProductsAndServicesDomain" />
    <link:label xlink:type="resource" xlink:label="srt_ProductsAndServicesDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="srt_ProductsAndServicesDomain_lbl" xml:lang="en-US" id="srt_ProductsAndServicesDomain_lbl">Product and Service [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProductsAndServicesDomain" xlink:to="srt_ProductsAndServicesDomain_lbl" xlink:title="label: ProductsAndServicesDomain to srt_ProductsAndServicesDomain_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2018/elts/srt-2018-01-31.xsd#srt_ProductOrServiceAxis" xlink:label="ProductOrServiceAxis" xlink:title="ProductOrServiceAxis" />
    <link:label xlink:type="resource" xlink:label="srt_ProductOrServiceAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="srt_ProductOrServiceAxis_lbl" xml:lang="en-US" id="srt_ProductOrServiceAxis_lbl">Product and Service [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProductOrServiceAxis" xlink:to="srt_ProductOrServiceAxis_lbl" xlink:title="label: ProductOrServiceAxis to srt_ProductOrServiceAxis_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2018/elts/srt-2018-01-31.xsd#srt_RangeMember" xlink:label="RangeMember" xlink:title="RangeMember" />
    <link:label xlink:type="resource" xlink:label="srt_RangeMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="srt_RangeMember_lbl" xml:lang="en-US" id="srt_RangeMember_lbl">Range [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RangeMember" xlink:to="srt_RangeMember_lbl" xlink:title="label: RangeMember to srt_RangeMember_lbl" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2018/elts/srt-2018-01-31.xsd#srt_RangeAxis" xlink:label="RangeAxis" xlink:title="RangeAxis" />
    <link:label xlink:type="resource" xlink:label="srt_RangeAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="srt_RangeAxis_lbl" xml:lang="en-US" id="srt_RangeAxis_lbl">Range [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RangeAxis" xlink:to="srt_RangeAxis_lbl" xlink:title="label: RangeAxis to srt_RangeAxis_lbl" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_LandDevelopmentInventoriesAbstract" xlink:label="LandDevelopmentInventoriesAbstract" xlink:title="LandDevelopmentInventoriesAbstract" />
    <link:label xlink:type="resource" xlink:label="pcyo_LandDevelopmentInventoriesAbstract_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_LandDevelopmentInventoriesAbstract_lbl1" xml:lang="en-US" id="pcyo_LandDevelopmentInventoriesAbstract_lbl1">Land Development Inventories [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LandDevelopmentInventoriesAbstract" xlink:to="pcyo_LandDevelopmentInventoriesAbstract_lbl1" xlink:title="label: LandDevelopmentInventoriesAbstract to pcyo_LandDevelopmentInventoriesAbstract_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_LandDevelopmentInventoriesAbstract_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_LandDevelopmentInventoriesAbstract_lbl2" xml:lang="en-US" id="pcyo_LandDevelopmentInventoriesAbstract_lbl2">Land Development Inventories [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LandDevelopmentInventoriesAbstract" xlink:to="pcyo_LandDevelopmentInventoriesAbstract_lbl2" xlink:title="label: LandDevelopmentInventoriesAbstract to pcyo_LandDevelopmentInventoriesAbstract_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_OilAndGasLeasePaymentsAbstract" xlink:label="OilAndGasLeasePaymentsAbstract" xlink:title="OilAndGasLeasePaymentsAbstract" />
    <link:label xlink:type="resource" xlink:label="pcyo_OilAndGasLeasePaymentsAbstract_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_OilAndGasLeasePaymentsAbstract_lbl1" xml:lang="en-US" id="pcyo_OilAndGasLeasePaymentsAbstract_lbl1">Oil and Gas Lease Payments [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OilAndGasLeasePaymentsAbstract" xlink:to="pcyo_OilAndGasLeasePaymentsAbstract_lbl1" xlink:title="label: OilAndGasLeasePaymentsAbstract to pcyo_OilAndGasLeasePaymentsAbstract_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_OilAndGasLeasePaymentsAbstract_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_OilAndGasLeasePaymentsAbstract_lbl2" xml:lang="en-US" id="pcyo_OilAndGasLeasePaymentsAbstract_lbl2">Oil and Gas Lease Payments [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OilAndGasLeasePaymentsAbstract" xlink:to="pcyo_OilAndGasLeasePaymentsAbstract_lbl2" xlink:title="label: OilAndGasLeasePaymentsAbstract to pcyo_OilAndGasLeasePaymentsAbstract_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_DocumentAndEntityInformationAbstract" xlink:label="DocumentAndEntityInformationAbstract" xlink:title="DocumentAndEntityInformationAbstract" />
    <link:label xlink:type="resource" xlink:label="pcyo_DocumentAndEntityInformationAbstract_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_DocumentAndEntityInformationAbstract_lbl1" xml:lang="en-US" id="pcyo_DocumentAndEntityInformationAbstract_lbl1">Document And Entity Information</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentAndEntityInformationAbstract" xlink:to="pcyo_DocumentAndEntityInformationAbstract_lbl1" xlink:title="label: DocumentAndEntityInformationAbstract to pcyo_DocumentAndEntityInformationAbstract_lbl1" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_SpecialFacilityFundingRecognizedMember" xlink:label="SpecialFacilityFundingRecognizedMember" xlink:title="SpecialFacilityFundingRecognizedMember" />
    <link:label xlink:type="resource" xlink:label="pcyo_SpecialFacilityFundingRecognizedMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_SpecialFacilityFundingRecognizedMember_lbl" xml:lang="en-US" id="pcyo_SpecialFacilityFundingRecognizedMember_lbl">Special facility funding recognized based on usage.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SpecialFacilityFundingRecognizedMember" xlink:to="pcyo_SpecialFacilityFundingRecognizedMember_lbl" xlink:title="label: SpecialFacilityFundingRecognizedMember to pcyo_SpecialFacilityFundingRecognizedMember_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_SpecialFacilityFundingRecognizedMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_SpecialFacilityFundingRecognizedMember_lbl1" xml:lang="en-US" id="pcyo_SpecialFacilityFundingRecognizedMember_lbl1">Special Facility Funding Recognized [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SpecialFacilityFundingRecognizedMember" xlink:to="pcyo_SpecialFacilityFundingRecognizedMember_lbl1" xlink:title="label: SpecialFacilityFundingRecognizedMember to pcyo_SpecialFacilityFundingRecognizedMember_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_SpecialFacilityFundingRecognizedMember_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_SpecialFacilityFundingRecognizedMember_lbl2" xml:lang="en-US" id="pcyo_SpecialFacilityFundingRecognizedMember_lbl2">Special Facility Funding Recognized [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SpecialFacilityFundingRecognizedMember" xlink:to="pcyo_SpecialFacilityFundingRecognizedMember_lbl2" xlink:title="label: SpecialFacilityFundingRecognizedMember to pcyo_SpecialFacilityFundingRecognizedMember_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_WastewaterTapFeeMember" xlink:label="WastewaterTapFeeMember" xlink:title="WastewaterTapFeeMember" />
    <link:label xlink:type="resource" xlink:label="pcyo_WastewaterTapFeeMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_WastewaterTapFeeMember_lbl" xml:lang="en-US" id="pcyo_WastewaterTapFeeMember_lbl">Wastewater tap fee constitutes a right to connect to the Company's wholesale water and wastewater systems through a service line to a residential or commercial building or property, and once granted, the customer may make a physical tap into the wholesale line(s) to connect its property for water and/or wastewater service.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WastewaterTapFeeMember" xlink:to="pcyo_WastewaterTapFeeMember_lbl" xlink:title="label: WastewaterTapFeeMember to pcyo_WastewaterTapFeeMember_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_WastewaterTapFeeMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_WastewaterTapFeeMember_lbl1" xml:lang="en-US" id="pcyo_WastewaterTapFeeMember_lbl1">Wastewater Tap Fee [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WastewaterTapFeeMember" xlink:to="pcyo_WastewaterTapFeeMember_lbl1" xlink:title="label: WastewaterTapFeeMember to pcyo_WastewaterTapFeeMember_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_WastewaterTapFeeMember_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_WastewaterTapFeeMember_lbl2" xml:lang="en-US" id="pcyo_WastewaterTapFeeMember_lbl2">Wastewater Tap Fees [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WastewaterTapFeeMember" xlink:to="pcyo_WastewaterTapFeeMember_lbl2" xlink:title="label: WastewaterTapFeeMember to pcyo_WastewaterTapFeeMember_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_WaterTapFeesRecognizedExcludingWastewaterTapFeeMember" xlink:label="WaterTapFeesRecognizedExcludingWastewaterTapFeeMember" xlink:title="WaterTapFeesRecognizedExcludingWastewaterTapFeeMember" />
    <link:label xlink:type="resource" xlink:label="pcyo_WaterTapFeesRecognizedExcludingWastewaterTapFeeMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_WaterTapFeesRecognizedExcludingWastewaterTapFeeMember_lbl" xml:lang="en-US" id="pcyo_WaterTapFeesRecognizedExcludingWastewaterTapFeeMember_lbl">Water tap fees recognized excluding wastewater tap fees.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WaterTapFeesRecognizedExcludingWastewaterTapFeeMember" xlink:to="pcyo_WaterTapFeesRecognizedExcludingWastewaterTapFeeMember_lbl" xlink:title="label: WaterTapFeesRecognizedExcludingWastewaterTapFeeMember to pcyo_WaterTapFeesRecognizedExcludingWastewaterTapFeeMember_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_WaterTapFeesRecognizedExcludingWastewaterTapFeeMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_WaterTapFeesRecognizedExcludingWastewaterTapFeeMember_lbl1" xml:lang="en-US" id="pcyo_WaterTapFeesRecognizedExcludingWastewaterTapFeeMember_lbl1">Water Tap Fees Recognized excluding Wastewater Tap Fee [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WaterTapFeesRecognizedExcludingWastewaterTapFeeMember" xlink:to="pcyo_WaterTapFeesRecognizedExcludingWastewaterTapFeeMember_lbl1" xlink:title="label: WaterTapFeesRecognizedExcludingWastewaterTapFeeMember to pcyo_WaterTapFeesRecognizedExcludingWastewaterTapFeeMember_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_WaterTapFeesRecognizedExcludingWastewaterTapFeeMember_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_WaterTapFeesRecognizedExcludingWastewaterTapFeeMember_lbl2" xml:lang="en-US" id="pcyo_WaterTapFeesRecognizedExcludingWastewaterTapFeeMember_lbl2">Water Tap Fees [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WaterTapFeesRecognizedExcludingWastewaterTapFeeMember" xlink:to="pcyo_WaterTapFeesRecognizedExcludingWastewaterTapFeeMember_lbl2" xlink:title="label: WaterTapFeesRecognizedExcludingWastewaterTapFeeMember to pcyo_WaterTapFeesRecognizedExcludingWastewaterTapFeeMember_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_NumberOfRevenueSources" xlink:label="NumberOfRevenueSources" xlink:title="NumberOfRevenueSources" />
    <link:label xlink:type="resource" xlink:label="pcyo_NumberOfRevenueSources_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_NumberOfRevenueSources_lbl" xml:lang="en-US" id="pcyo_NumberOfRevenueSources_lbl">Number of revenue sources from where company generates revenues.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfRevenueSources" xlink:to="pcyo_NumberOfRevenueSources_lbl" xlink:title="label: NumberOfRevenueSources to pcyo_NumberOfRevenueSources_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_NumberOfRevenueSources_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_NumberOfRevenueSources_lbl1" xml:lang="en-US" id="pcyo_NumberOfRevenueSources_lbl1">Number of Revenue Sources</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfRevenueSources" xlink:to="pcyo_NumberOfRevenueSources_lbl1" xlink:title="label: NumberOfRevenueSources to pcyo_NumberOfRevenueSources_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_NumberOfRevenueSources_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_NumberOfRevenueSources_lbl2" xml:lang="en-US" id="pcyo_NumberOfRevenueSources_lbl2">Number of revenue sources</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfRevenueSources" xlink:to="pcyo_NumberOfRevenueSources_lbl2" xlink:title="label: NumberOfRevenueSources to pcyo_NumberOfRevenueSources_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_AssumedAnnualWaterDemandForSingleFamilyEquivalent" xlink:label="AssumedAnnualWaterDemandForSingleFamilyEquivalent" xlink:title="AssumedAnnualWaterDemandForSingleFamilyEquivalent" />
    <link:label xlink:type="resource" xlink:label="pcyo_AssumedAnnualWaterDemandForSingleFamilyEquivalent_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_AssumedAnnualWaterDemandForSingleFamilyEquivalent_lbl" xml:lang="en-US" id="pcyo_AssumedAnnualWaterDemandForSingleFamilyEquivalent_lbl">Assumed annual water demand per single family equivalent.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AssumedAnnualWaterDemandForSingleFamilyEquivalent" xlink:to="pcyo_AssumedAnnualWaterDemandForSingleFamilyEquivalent_lbl" xlink:title="label: AssumedAnnualWaterDemandForSingleFamilyEquivalent to pcyo_AssumedAnnualWaterDemandForSingleFamilyEquivalent_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_AssumedAnnualWaterDemandForSingleFamilyEquivalent_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_AssumedAnnualWaterDemandForSingleFamilyEquivalent_lbl1" xml:lang="en-US" id="pcyo_AssumedAnnualWaterDemandForSingleFamilyEquivalent_lbl1">Assumed Annual Water Demand for Single Family Equivalent</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AssumedAnnualWaterDemandForSingleFamilyEquivalent" xlink:to="pcyo_AssumedAnnualWaterDemandForSingleFamilyEquivalent_lbl1" xlink:title="label: AssumedAnnualWaterDemandForSingleFamilyEquivalent to pcyo_AssumedAnnualWaterDemandForSingleFamilyEquivalent_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_AssumedAnnualWaterDemandForSingleFamilyEquivalent_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_AssumedAnnualWaterDemandForSingleFamilyEquivalent_lbl2" xml:lang="en-US" id="pcyo_AssumedAnnualWaterDemandForSingleFamilyEquivalent_lbl2">Assumed annual water demand (in acre feet)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AssumedAnnualWaterDemandForSingleFamilyEquivalent" xlink:to="pcyo_AssumedAnnualWaterDemandForSingleFamilyEquivalent_lbl2" xlink:title="label: AssumedAnnualWaterDemandForSingleFamilyEquivalent to pcyo_AssumedAnnualWaterDemandForSingleFamilyEquivalent_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_AssumedContributionOfWastewaterFlowsPerDay" xlink:label="AssumedContributionOfWastewaterFlowsPerDay" xlink:title="AssumedContributionOfWastewaterFlowsPerDay" />
    <link:label xlink:type="resource" xlink:label="pcyo_AssumedContributionOfWastewaterFlowsPerDay_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_AssumedContributionOfWastewaterFlowsPerDay_lbl" xml:lang="en-US" id="pcyo_AssumedContributionOfWastewaterFlowsPerDay_lbl">Assumed contribution of wastewater flows for single family equivalent per day.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AssumedContributionOfWastewaterFlowsPerDay" xlink:to="pcyo_AssumedContributionOfWastewaterFlowsPerDay_lbl" xlink:title="label: AssumedContributionOfWastewaterFlowsPerDay to pcyo_AssumedContributionOfWastewaterFlowsPerDay_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_AssumedContributionOfWastewaterFlowsPerDay_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_AssumedContributionOfWastewaterFlowsPerDay_lbl1" xml:lang="en-US" id="pcyo_AssumedContributionOfWastewaterFlowsPerDay_lbl1">Assumed Contribution of Wastewater Flows Per Day</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AssumedContributionOfWastewaterFlowsPerDay" xlink:to="pcyo_AssumedContributionOfWastewaterFlowsPerDay_lbl1" xlink:title="label: AssumedContributionOfWastewaterFlowsPerDay to pcyo_AssumedContributionOfWastewaterFlowsPerDay_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_AssumedContributionOfWastewaterFlowsPerDay_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_AssumedContributionOfWastewaterFlowsPerDay_lbl2" xml:lang="en-US" id="pcyo_AssumedContributionOfWastewaterFlowsPerDay_lbl2">Assumed daily contribution of wastewater flows (in gallons per day)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AssumedContributionOfWastewaterFlowsPerDay" xlink:to="pcyo_AssumedContributionOfWastewaterFlowsPerDay_lbl2" xlink:title="label: AssumedContributionOfWastewaterFlowsPerDay to pcyo_AssumedContributionOfWastewaterFlowsPerDay_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_WaterDeliveredToCustomers" xlink:label="WaterDeliveredToCustomers" xlink:title="WaterDeliveredToCustomers" />
    <link:label xlink:type="resource" xlink:label="pcyo_WaterDeliveredToCustomers_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_WaterDeliveredToCustomers_lbl" xml:lang="en-US" id="pcyo_WaterDeliveredToCustomers_lbl">Water delivered to customers during the period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WaterDeliveredToCustomers" xlink:to="pcyo_WaterDeliveredToCustomers_lbl" xlink:title="label: WaterDeliveredToCustomers to pcyo_WaterDeliveredToCustomers_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_WaterDeliveredToCustomers_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_WaterDeliveredToCustomers_lbl1" xml:lang="en-US" id="pcyo_WaterDeliveredToCustomers_lbl1">Water delivered to customers</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WaterDeliveredToCustomers" xlink:to="pcyo_WaterDeliveredToCustomers_lbl1" xlink:title="label: WaterDeliveredToCustomers to pcyo_WaterDeliveredToCustomers_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_WaterDeliveredToCustomers_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_WaterDeliveredToCustomers_lbl2" xml:lang="en-US" id="pcyo_WaterDeliveredToCustomers_lbl2">Water delivered to customers</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WaterDeliveredToCustomers" xlink:to="pcyo_WaterDeliveredToCustomers_lbl2" xlink:title="label: WaterDeliveredToCustomers to pcyo_WaterDeliveredToCustomers_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_PercentageOfWaterUsedForOilAndGasExploration" xlink:label="PercentageOfWaterUsedForOilAndGasExploration" xlink:title="PercentageOfWaterUsedForOilAndGasExploration" />
    <link:label xlink:type="resource" xlink:label="pcyo_PercentageOfWaterUsedForOilAndGasExploration_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_PercentageOfWaterUsedForOilAndGasExploration_lbl" xml:lang="en-US" id="pcyo_PercentageOfWaterUsedForOilAndGasExploration_lbl">Percentage of water used for oil and gas exploration.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfWaterUsedForOilAndGasExploration" xlink:to="pcyo_PercentageOfWaterUsedForOilAndGasExploration_lbl" xlink:title="label: PercentageOfWaterUsedForOilAndGasExploration to pcyo_PercentageOfWaterUsedForOilAndGasExploration_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_PercentageOfWaterUsedForOilAndGasExploration_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_PercentageOfWaterUsedForOilAndGasExploration_lbl1" xml:lang="en-US" id="pcyo_PercentageOfWaterUsedForOilAndGasExploration_lbl1">Percentage of Water used for Oil and Gas Exploration</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfWaterUsedForOilAndGasExploration" xlink:to="pcyo_PercentageOfWaterUsedForOilAndGasExploration_lbl1" xlink:title="label: PercentageOfWaterUsedForOilAndGasExploration to pcyo_PercentageOfWaterUsedForOilAndGasExploration_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_PercentageOfWaterUsedForOilAndGasExploration_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_PercentageOfWaterUsedForOilAndGasExploration_lbl2" xml:lang="en-US" id="pcyo_PercentageOfWaterUsedForOilAndGasExploration_lbl2">Percentage of water used for oil and gas exploration</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfWaterUsedForOilAndGasExploration" xlink:to="pcyo_PercentageOfWaterUsedForOilAndGasExploration_lbl2" xlink:title="label: PercentageOfWaterUsedForOilAndGasExploration to pcyo_PercentageOfWaterUsedForOilAndGasExploration_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_LotSalesSecondFormatMember" xlink:label="LotSalesSecondFormatMember" xlink:title="LotSalesSecondFormatMember" />
    <link:label xlink:type="resource" xlink:label="pcyo_LotSalesSecondFormatMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_LotSalesSecondFormatMember_lbl" xml:lang="en-US" id="pcyo_LotSalesSecondFormatMember_lbl">Revenue derived from lot sales.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LotSalesSecondFormatMember" xlink:to="pcyo_LotSalesSecondFormatMember_lbl" xlink:title="label: LotSalesSecondFormatMember to pcyo_LotSalesSecondFormatMember_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_LotSalesSecondFormatMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_LotSalesSecondFormatMember_lbl1" xml:lang="en-US" id="pcyo_LotSalesSecondFormatMember_lbl1">Lot Sales Second Format [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LotSalesSecondFormatMember" xlink:to="pcyo_LotSalesSecondFormatMember_lbl1" xlink:title="label: LotSalesSecondFormatMember to pcyo_LotSalesSecondFormatMember_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_LotSalesSecondFormatMember_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_LotSalesSecondFormatMember_lbl2" xml:lang="en-US" id="pcyo_LotSalesSecondFormatMember_lbl2">Lot Sales - Agreement with Builders [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LotSalesSecondFormatMember" xlink:to="pcyo_LotSalesSecondFormatMember_lbl2" xlink:title="label: LotSalesSecondFormatMember to pcyo_LotSalesSecondFormatMember_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_ExpectedDeliveryPeriodForLotsSold" xlink:label="ExpectedDeliveryPeriodForLotsSold" xlink:title="ExpectedDeliveryPeriodForLotsSold" />
    <link:label xlink:type="resource" xlink:label="pcyo_ExpectedDeliveryPeriodForLotsSold_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_ExpectedDeliveryPeriodForLotsSold_lbl" xml:lang="en-US" id="pcyo_ExpectedDeliveryPeriodForLotsSold_lbl">Expected delivery period for lots sold.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExpectedDeliveryPeriodForLotsSold" xlink:to="pcyo_ExpectedDeliveryPeriodForLotsSold_lbl" xlink:title="label: ExpectedDeliveryPeriodForLotsSold to pcyo_ExpectedDeliveryPeriodForLotsSold_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_ExpectedDeliveryPeriodForLotsSold_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_ExpectedDeliveryPeriodForLotsSold_lbl1" xml:lang="en-US" id="pcyo_ExpectedDeliveryPeriodForLotsSold_lbl1">Expected delivery period for lots sold</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExpectedDeliveryPeriodForLotsSold" xlink:to="pcyo_ExpectedDeliveryPeriodForLotsSold_lbl1" xlink:title="label: ExpectedDeliveryPeriodForLotsSold to pcyo_ExpectedDeliveryPeriodForLotsSold_lbl1" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_NumberOfServiceAgreementsProjects" xlink:label="NumberOfServiceAgreementsProjects" xlink:title="NumberOfServiceAgreementsProjects" />
    <link:label xlink:type="resource" xlink:label="pcyo_NumberOfServiceAgreementsProjects_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_NumberOfServiceAgreementsProjects_lbl" xml:lang="en-US" id="pcyo_NumberOfServiceAgreementsProjects_lbl">Number of service agreements for project management services.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfServiceAgreementsProjects" xlink:to="pcyo_NumberOfServiceAgreementsProjects_lbl" xlink:title="label: NumberOfServiceAgreementsProjects to pcyo_NumberOfServiceAgreementsProjects_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_NumberOfServiceAgreementsProjects_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_NumberOfServiceAgreementsProjects_lbl1" xml:lang="en-US" id="pcyo_NumberOfServiceAgreementsProjects_lbl1">Number of Service Agreements Projects</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfServiceAgreementsProjects" xlink:to="pcyo_NumberOfServiceAgreementsProjects_lbl1" xlink:title="label: NumberOfServiceAgreementsProjects to pcyo_NumberOfServiceAgreementsProjects_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_NumberOfServiceAgreementsProjects_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_NumberOfServiceAgreementsProjects_lbl2" xml:lang="en-US" id="pcyo_NumberOfServiceAgreementsProjects_lbl2">Number of service agreements</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfServiceAgreementsProjects" xlink:to="pcyo_NumberOfServiceAgreementsProjects_lbl2" xlink:title="label: NumberOfServiceAgreementsProjects to pcyo_NumberOfServiceAgreementsProjects_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_LotSalesFirstFormatMember" xlink:label="LotSalesFirstFormatMember" xlink:title="LotSalesFirstFormatMember" />
    <link:label xlink:type="resource" xlink:label="pcyo_LotSalesFirstFormatMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_LotSalesFirstFormatMember_lbl" xml:lang="en-US" id="pcyo_LotSalesFirstFormatMember_lbl">Revenue derived from lot sales.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LotSalesFirstFormatMember" xlink:to="pcyo_LotSalesFirstFormatMember_lbl" xlink:title="label: LotSalesFirstFormatMember to pcyo_LotSalesFirstFormatMember_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_LotSalesFirstFormatMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_LotSalesFirstFormatMember_lbl1" xml:lang="en-US" id="pcyo_LotSalesFirstFormatMember_lbl1">Lot Sales First Format [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LotSalesFirstFormatMember" xlink:to="pcyo_LotSalesFirstFormatMember_lbl1" xlink:title="label: LotSalesFirstFormatMember to pcyo_LotSalesFirstFormatMember_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_LotSalesFirstFormatMember_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_LotSalesFirstFormatMember_lbl2" xml:lang="en-US" id="pcyo_LotSalesFirstFormatMember_lbl2">Lot Sales - Agreement with Purchaser [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LotSalesFirstFormatMember" xlink:to="pcyo_LotSalesFirstFormatMember_lbl2" xlink:title="label: LotSalesFirstFormatMember to pcyo_LotSalesFirstFormatMember_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_ConsultingFeesMember" xlink:label="ConsultingFeesMember" xlink:title="ConsultingFeesMember" />
    <link:label xlink:type="resource" xlink:label="pcyo_ConsultingFeesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_ConsultingFeesMember_lbl" xml:lang="en-US" id="pcyo_ConsultingFeesMember_lbl">Consulting fees are fees receives, typically on a monthly basis, from municipalities and area water providers along the I-70 corridor, for contract operations services.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConsultingFeesMember" xlink:to="pcyo_ConsultingFeesMember_lbl" xlink:title="label: ConsultingFeesMember to pcyo_ConsultingFeesMember_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_ConsultingFeesMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_ConsultingFeesMember_lbl1" xml:lang="en-US" id="pcyo_ConsultingFeesMember_lbl1">Consulting Fees [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConsultingFeesMember" xlink:to="pcyo_ConsultingFeesMember_lbl1" xlink:title="label: ConsultingFeesMember to pcyo_ConsultingFeesMember_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_ConsultingFeesMember_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_ConsultingFeesMember_lbl2" xml:lang="en-US" id="pcyo_ConsultingFeesMember_lbl2">Consulting Fees [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConsultingFeesMember" xlink:to="pcyo_ConsultingFeesMember_lbl2" xlink:title="label: ConsultingFeesMember to pcyo_ConsultingFeesMember_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_ProjectManagementServicesMember" xlink:label="ProjectManagementServicesMember" xlink:title="ProjectManagementServicesMember" />
    <link:label xlink:type="resource" xlink:label="pcyo_ProjectManagementServicesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_ProjectManagementServicesMember_lbl" xml:lang="en-US" id="pcyo_ProjectManagementServicesMember_lbl">Revenue derived from project management services.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProjectManagementServicesMember" xlink:to="pcyo_ProjectManagementServicesMember_lbl" xlink:title="label: ProjectManagementServicesMember to pcyo_ProjectManagementServicesMember_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_ProjectManagementServicesMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_ProjectManagementServicesMember_lbl1" xml:lang="en-US" id="pcyo_ProjectManagementServicesMember_lbl1">Project Management Services [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProjectManagementServicesMember" xlink:to="pcyo_ProjectManagementServicesMember_lbl1" xlink:title="label: ProjectManagementServicesMember to pcyo_ProjectManagementServicesMember_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_ProjectManagementServicesMember_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_ProjectManagementServicesMember_lbl2" xml:lang="en-US" id="pcyo_ProjectManagementServicesMember_lbl2">Project Management Services [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProjectManagementServicesMember" xlink:to="pcyo_ProjectManagementServicesMember_lbl2" xlink:title="label: ProjectManagementServicesMember to pcyo_ProjectManagementServicesMember_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_ConstructionSupportAmountInvoiced" xlink:label="ConstructionSupportAmountInvoiced" xlink:title="ConstructionSupportAmountInvoiced" />
    <link:label xlink:type="resource" xlink:label="pcyo_ConstructionSupportAmountInvoiced_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_ConstructionSupportAmountInvoiced_lbl" xml:lang="en-US" id="pcyo_ConstructionSupportAmountInvoiced_lbl">Amount of construction support amount invoiced to the vendor.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConstructionSupportAmountInvoiced" xlink:to="pcyo_ConstructionSupportAmountInvoiced_lbl" xlink:title="label: ConstructionSupportAmountInvoiced to pcyo_ConstructionSupportAmountInvoiced_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_ConstructionSupportAmountInvoiced_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_ConstructionSupportAmountInvoiced_lbl1" xml:lang="en-US" id="pcyo_ConstructionSupportAmountInvoiced_lbl1">Construction Support Amount Invoiced</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConstructionSupportAmountInvoiced" xlink:to="pcyo_ConstructionSupportAmountInvoiced_lbl1" xlink:title="label: ConstructionSupportAmountInvoiced to pcyo_ConstructionSupportAmountInvoiced_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_ConstructionSupportAmountInvoiced_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_ConstructionSupportAmountInvoiced_lbl2" xml:lang="en-US" id="pcyo_ConstructionSupportAmountInvoiced_lbl2">Construction support amount invoiced</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConstructionSupportAmountInvoiced" xlink:to="pcyo_ConstructionSupportAmountInvoiced_lbl2" xlink:title="label: ConstructionSupportAmountInvoiced to pcyo_ConstructionSupportAmountInvoiced_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_NumberOfPlattedLotsSold" xlink:label="NumberOfPlattedLotsSold" xlink:title="NumberOfPlattedLotsSold" />
    <link:label xlink:type="resource" xlink:label="pcyo_NumberOfPlattedLotsSold_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_NumberOfPlattedLotsSold_lbl" xml:lang="en-US" id="pcyo_NumberOfPlattedLotsSold_lbl">Number of platted lots sold during the period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfPlattedLotsSold" xlink:to="pcyo_NumberOfPlattedLotsSold_lbl" xlink:title="label: NumberOfPlattedLotsSold to pcyo_NumberOfPlattedLotsSold_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_NumberOfPlattedLotsSold_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_NumberOfPlattedLotsSold_lbl1" xml:lang="en-US" id="pcyo_NumberOfPlattedLotsSold_lbl1">Number of Platted Lots Sold</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfPlattedLotsSold" xlink:to="pcyo_NumberOfPlattedLotsSold_lbl1" xlink:title="label: NumberOfPlattedLotsSold to pcyo_NumberOfPlattedLotsSold_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_NumberOfPlattedLotsSold_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_NumberOfPlattedLotsSold_lbl2" xml:lang="en-US" id="pcyo_NumberOfPlattedLotsSold_lbl2">Number of platted lots sold</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfPlattedLotsSold" xlink:to="pcyo_NumberOfPlattedLotsSold_lbl2" xlink:title="label: NumberOfPlattedLotsSold to pcyo_NumberOfPlattedLotsSold_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_ProjectManagementServicesAccruedReimbursableAmount" xlink:label="ProjectManagementServicesAccruedReimbursableAmount" xlink:title="ProjectManagementServicesAccruedReimbursableAmount" />
    <link:label xlink:type="resource" xlink:label="pcyo_ProjectManagementServicesAccruedReimbursableAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_ProjectManagementServicesAccruedReimbursableAmount_lbl" xml:lang="en-US" id="pcyo_ProjectManagementServicesAccruedReimbursableAmount_lbl">Project management services accrued reimbursable amount included in inventories.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProjectManagementServicesAccruedReimbursableAmount" xlink:to="pcyo_ProjectManagementServicesAccruedReimbursableAmount_lbl" xlink:title="label: ProjectManagementServicesAccruedReimbursableAmount to pcyo_ProjectManagementServicesAccruedReimbursableAmount_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_ProjectManagementServicesAccruedReimbursableAmount_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_ProjectManagementServicesAccruedReimbursableAmount_lbl1" xml:lang="en-US" id="pcyo_ProjectManagementServicesAccruedReimbursableAmount_lbl1">Project management services - accrued reimbursable amount</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProjectManagementServicesAccruedReimbursableAmount" xlink:to="pcyo_ProjectManagementServicesAccruedReimbursableAmount_lbl1" xlink:title="label: ProjectManagementServicesAccruedReimbursableAmount to pcyo_ProjectManagementServicesAccruedReimbursableAmount_lbl1" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_DeferredRevenueCurrentAndNoncurrentAbstract" xlink:label="DeferredRevenueCurrentAndNoncurrentAbstract" xlink:title="DeferredRevenueCurrentAndNoncurrentAbstract" />
    <link:label xlink:type="resource" xlink:label="pcyo_DeferredRevenueCurrentAndNoncurrentAbstract_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_DeferredRevenueCurrentAndNoncurrentAbstract_lbl1" xml:lang="en-US" id="pcyo_DeferredRevenueCurrentAndNoncurrentAbstract_lbl1">Deferred revenue Current and Noncurrent [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredRevenueCurrentAndNoncurrentAbstract" xlink:to="pcyo_DeferredRevenueCurrentAndNoncurrentAbstract_lbl1" xlink:title="label: DeferredRevenueCurrentAndNoncurrentAbstract to pcyo_DeferredRevenueCurrentAndNoncurrentAbstract_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_DeferredRevenueCurrentAndNoncurrentAbstract_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_DeferredRevenueCurrentAndNoncurrentAbstract_lbl2" xml:lang="en-US" id="pcyo_DeferredRevenueCurrentAndNoncurrentAbstract_lbl2">Deferred Revenue Current and Noncurrent [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredRevenueCurrentAndNoncurrentAbstract" xlink:to="pcyo_DeferredRevenueCurrentAndNoncurrentAbstract_lbl2" xlink:title="label: DeferredRevenueCurrentAndNoncurrentAbstract to pcyo_DeferredRevenueCurrentAndNoncurrentAbstract_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_NumberOfRealEstatePropertiesSold" xlink:label="NumberOfRealEstatePropertiesSold" xlink:title="NumberOfRealEstatePropertiesSold" />
    <link:label xlink:type="resource" xlink:label="pcyo_NumberOfRealEstatePropertiesSold_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_NumberOfRealEstatePropertiesSold_lbl" xml:lang="en-US" id="pcyo_NumberOfRealEstatePropertiesSold_lbl">he number of real estate properties sold as of the balance sheet date.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfRealEstatePropertiesSold" xlink:to="pcyo_NumberOfRealEstatePropertiesSold_lbl" xlink:title="label: NumberOfRealEstatePropertiesSold to pcyo_NumberOfRealEstatePropertiesSold_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_NumberOfRealEstatePropertiesSold_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_NumberOfRealEstatePropertiesSold_lbl1" xml:lang="en-US" id="pcyo_NumberOfRealEstatePropertiesSold_lbl1">Number Of Real Estate Properties Sold</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfRealEstatePropertiesSold" xlink:to="pcyo_NumberOfRealEstatePropertiesSold_lbl1" xlink:title="label: NumberOfRealEstatePropertiesSold to pcyo_NumberOfRealEstatePropertiesSold_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_NumberOfRealEstatePropertiesSold_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_NumberOfRealEstatePropertiesSold_lbl2" xml:lang="en-US" id="pcyo_NumberOfRealEstatePropertiesSold_lbl2">Number of lots sold</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfRealEstatePropertiesSold" xlink:to="pcyo_NumberOfRealEstatePropertiesSold_lbl2" xlink:title="label: NumberOfRealEstatePropertiesSold to pcyo_NumberOfRealEstatePropertiesSold_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_RecognitionOfRevenueContractAsset" xlink:label="RecognitionOfRevenueContractAsset" xlink:title="RecognitionOfRevenueContractAsset" />
    <link:label xlink:type="resource" xlink:label="pcyo_RecognitionOfRevenueContractAsset_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_RecognitionOfRevenueContractAsset_lbl" xml:lang="en-US" id="pcyo_RecognitionOfRevenueContractAsset_lbl">The amount recognized in revenue contract asset.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RecognitionOfRevenueContractAsset" xlink:to="pcyo_RecognitionOfRevenueContractAsset_lbl" xlink:title="label: RecognitionOfRevenueContractAsset to pcyo_RecognitionOfRevenueContractAsset_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_RecognitionOfRevenueContractAsset_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_RecognitionOfRevenueContractAsset_lbl1" xml:lang="en-US" id="pcyo_RecognitionOfRevenueContractAsset_lbl1">Recognition of Revenue Contract Asset</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RecognitionOfRevenueContractAsset" xlink:to="pcyo_RecognitionOfRevenueContractAsset_lbl1" xlink:title="label: RecognitionOfRevenueContractAsset to pcyo_RecognitionOfRevenueContractAsset_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_RecognitionOfRevenueContractAsset_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_RecognitionOfRevenueContractAsset_lbl2" xml:lang="en-US" id="pcyo_RecognitionOfRevenueContractAsset_lbl2">Recognition of revenue contract asset</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RecognitionOfRevenueContractAsset" xlink:to="pcyo_RecognitionOfRevenueContractAsset_lbl2" xlink:title="label: RecognitionOfRevenueContractAsset to pcyo_RecognitionOfRevenueContractAsset_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_ContractAssetInvoiced" xlink:label="ContractAssetInvoiced" xlink:title="ContractAssetInvoiced" />
    <link:label xlink:type="resource" xlink:label="pcyo_ContractAssetInvoiced_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_ContractAssetInvoiced_lbl" xml:lang="en-US" id="pcyo_ContractAssetInvoiced_lbl">The amount of contract asset invoiced.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContractAssetInvoiced" xlink:to="pcyo_ContractAssetInvoiced_lbl" xlink:title="label: ContractAssetInvoiced to pcyo_ContractAssetInvoiced_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_ContractAssetInvoiced_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_ContractAssetInvoiced_lbl1" xml:lang="en-US" id="pcyo_ContractAssetInvoiced_lbl1">Contract Asset Invoiced</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContractAssetInvoiced" xlink:to="pcyo_ContractAssetInvoiced_lbl1" xlink:title="label: ContractAssetInvoiced to pcyo_ContractAssetInvoiced_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_ContractAssetInvoiced_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_ContractAssetInvoiced_lbl2" xml:lang="en-US" id="pcyo_ContractAssetInvoiced_lbl2">Contract asset invoiced</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContractAssetInvoiced" xlink:to="pcyo_ContractAssetInvoiced_lbl2" xlink:title="label: ContractAssetInvoiced to pcyo_ContractAssetInvoiced_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_ContractWithCustomerDeferralOfRevenue" xlink:label="ContractWithCustomerDeferralOfRevenue" xlink:title="ContractWithCustomerDeferralOfRevenue" />
    <link:label xlink:type="resource" xlink:label="pcyo_ContractWithCustomerDeferralOfRevenue_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_ContractWithCustomerDeferralOfRevenue_lbl" xml:lang="en-US" id="pcyo_ContractWithCustomerDeferralOfRevenue_lbl">The amount of deferral of revenue from contract with customer.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContractWithCustomerDeferralOfRevenue" xlink:to="pcyo_ContractWithCustomerDeferralOfRevenue_lbl" xlink:title="label: ContractWithCustomerDeferralOfRevenue to pcyo_ContractWithCustomerDeferralOfRevenue_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_ContractWithCustomerDeferralOfRevenue_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_ContractWithCustomerDeferralOfRevenue_lbl1" xml:lang="en-US" id="pcyo_ContractWithCustomerDeferralOfRevenue_lbl1">Contract with Customer, Deferral of Revenue</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContractWithCustomerDeferralOfRevenue" xlink:to="pcyo_ContractWithCustomerDeferralOfRevenue_lbl1" xlink:title="label: ContractWithCustomerDeferralOfRevenue to pcyo_ContractWithCustomerDeferralOfRevenue_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_ContractWithCustomerDeferralOfRevenue_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_ContractWithCustomerDeferralOfRevenue_lbl2" xml:lang="en-US" id="pcyo_ContractWithCustomerDeferralOfRevenue_lbl2">Deferral of revenue</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContractWithCustomerDeferralOfRevenue" xlink:to="pcyo_ContractWithCustomerDeferralOfRevenue_lbl2" xlink:title="label: ContractWithCustomerDeferralOfRevenue to pcyo_ContractWithCustomerDeferralOfRevenue_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_ChangesInDeferredRevenueAbstract" xlink:label="ChangesInDeferredRevenueAbstract" xlink:title="ChangesInDeferredRevenueAbstract" />
    <link:label xlink:type="resource" xlink:label="pcyo_ChangesInDeferredRevenueAbstract_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_ChangesInDeferredRevenueAbstract_lbl1" xml:lang="en-US" id="pcyo_ChangesInDeferredRevenueAbstract_lbl1">Changes in Deferred Revenue [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChangesInDeferredRevenueAbstract" xlink:to="pcyo_ChangesInDeferredRevenueAbstract_lbl1" xlink:title="label: ChangesInDeferredRevenueAbstract to pcyo_ChangesInDeferredRevenueAbstract_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_ChangesInDeferredRevenueAbstract_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_ChangesInDeferredRevenueAbstract_lbl2" xml:lang="en-US" id="pcyo_ChangesInDeferredRevenueAbstract_lbl2">Changes in Deferred Revenue [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChangesInDeferredRevenueAbstract" xlink:to="pcyo_ChangesInDeferredRevenueAbstract_lbl2" xlink:title="label: ChangesInDeferredRevenueAbstract to pcyo_ChangesInDeferredRevenueAbstract_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_ChangesInContractAssetAbstract" xlink:label="ChangesInContractAssetAbstract" xlink:title="ChangesInContractAssetAbstract" />
    <link:label xlink:type="resource" xlink:label="pcyo_ChangesInContractAssetAbstract_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_ChangesInContractAssetAbstract_lbl1" xml:lang="en-US" id="pcyo_ChangesInContractAssetAbstract_lbl1">Changes in Contract Asset [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChangesInContractAssetAbstract" xlink:to="pcyo_ChangesInContractAssetAbstract_lbl1" xlink:title="label: ChangesInContractAssetAbstract to pcyo_ChangesInContractAssetAbstract_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_ChangesInContractAssetAbstract_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_ChangesInContractAssetAbstract_lbl2" xml:lang="en-US" id="pcyo_ChangesInContractAssetAbstract_lbl2">Changes in Contract Asset [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChangesInContractAssetAbstract" xlink:to="pcyo_ChangesInContractAssetAbstract_lbl2" xlink:title="label: ChangesInContractAssetAbstract to pcyo_ChangesInContractAssetAbstract_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_DeferredRevenueRevenueRecognizedTerm" xlink:label="DeferredRevenueRevenueRecognizedTerm" xlink:title="DeferredRevenueRevenueRecognizedTerm" />
    <link:label xlink:type="resource" xlink:label="pcyo_DeferredRevenueRevenueRecognizedTerm_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_DeferredRevenueRevenueRecognizedTerm_lbl" xml:lang="en-US" id="pcyo_DeferredRevenueRevenueRecognizedTerm_lbl">Period for recognize revenue which reported as deferred or unearned revenue.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredRevenueRevenueRecognizedTerm" xlink:to="pcyo_DeferredRevenueRevenueRecognizedTerm_lbl" xlink:title="label: DeferredRevenueRevenueRecognizedTerm to pcyo_DeferredRevenueRevenueRecognizedTerm_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_DeferredRevenueRevenueRecognizedTerm_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_DeferredRevenueRevenueRecognizedTerm_lbl1" xml:lang="en-US" id="pcyo_DeferredRevenueRevenueRecognizedTerm_lbl1">Deferred Revenue, Revenue Recognized Term</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredRevenueRevenueRecognizedTerm" xlink:to="pcyo_DeferredRevenueRevenueRecognizedTerm_lbl1" xlink:title="label: DeferredRevenueRevenueRecognizedTerm to pcyo_DeferredRevenueRevenueRecognizedTerm_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_DeferredRevenueRevenueRecognizedTerm_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_DeferredRevenueRevenueRecognizedTerm_lbl2" xml:lang="en-US" id="pcyo_DeferredRevenueRevenueRecognizedTerm_lbl2">Term period of lease</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredRevenueRevenueRecognizedTerm" xlink:to="pcyo_DeferredRevenueRevenueRecognizedTerm_lbl2" xlink:title="label: DeferredRevenueRevenueRecognizedTerm to pcyo_DeferredRevenueRevenueRecognizedTerm_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_NumberOfHomeBuilders" xlink:label="NumberOfHomeBuilders" xlink:title="NumberOfHomeBuilders" />
    <link:label xlink:type="resource" xlink:label="pcyo_NumberOfHomeBuilders_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_NumberOfHomeBuilders_lbl" xml:lang="en-US" id="pcyo_NumberOfHomeBuilders_lbl">Refers to number of home builders.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfHomeBuilders" xlink:to="pcyo_NumberOfHomeBuilders_lbl" xlink:title="label: NumberOfHomeBuilders to pcyo_NumberOfHomeBuilders_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_NumberOfHomeBuilders_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_NumberOfHomeBuilders_lbl1" xml:lang="en-US" id="pcyo_NumberOfHomeBuilders_lbl1">Number of Home Builders</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfHomeBuilders" xlink:to="pcyo_NumberOfHomeBuilders_lbl1" xlink:title="label: NumberOfHomeBuilders to pcyo_NumberOfHomeBuilders_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_NumberOfHomeBuilders_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_NumberOfHomeBuilders_lbl2" xml:lang="en-US" id="pcyo_NumberOfHomeBuilders_lbl2">Number of home builders</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfHomeBuilders" xlink:to="pcyo_NumberOfHomeBuilders_lbl2" xlink:title="label: NumberOfHomeBuilders to pcyo_NumberOfHomeBuilders_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_LandAbstract" xlink:label="LandAbstract" xlink:title="LandAbstract" />
    <link:label xlink:type="resource" xlink:label="pcyo_LandAbstract_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_LandAbstract_lbl1" xml:lang="en-US" id="pcyo_LandAbstract_lbl1">Land [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LandAbstract" xlink:to="pcyo_LandAbstract_lbl1" xlink:title="label: LandAbstract to pcyo_LandAbstract_lbl1" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_LandDevelopmentInventoriesPolicyTextBlock" xlink:label="LandDevelopmentInventoriesPolicyTextBlock" xlink:title="LandDevelopmentInventoriesPolicyTextBlock" />
    <link:label xlink:type="resource" xlink:label="pcyo_LandDevelopmentInventoriesPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_LandDevelopmentInventoriesPolicyTextBlock_lbl" xml:lang="en-US" id="pcyo_LandDevelopmentInventoriesPolicyTextBlock_lbl">Disclosure of land development inventory accounting policy for inventory classes, including, but not limited to, basis for determining inventory amounts, methods by which amounts are added and removed from inventory classes, loss recognition on impairment of inventories, and situations in which inventories are stated above cost.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LandDevelopmentInventoriesPolicyTextBlock" xlink:to="pcyo_LandDevelopmentInventoriesPolicyTextBlock_lbl" xlink:title="label: LandDevelopmentInventoriesPolicyTextBlock to pcyo_LandDevelopmentInventoriesPolicyTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_LandDevelopmentInventoriesPolicyTextBlock_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_LandDevelopmentInventoriesPolicyTextBlock_lbl1" xml:lang="en-US" id="pcyo_LandDevelopmentInventoriesPolicyTextBlock_lbl1">Land Development Inventories [Policy Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LandDevelopmentInventoriesPolicyTextBlock" xlink:to="pcyo_LandDevelopmentInventoriesPolicyTextBlock_lbl1" xlink:title="label: LandDevelopmentInventoriesPolicyTextBlock to pcyo_LandDevelopmentInventoriesPolicyTextBlock_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_LandDevelopmentInventoriesPolicyTextBlock_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_LandDevelopmentInventoriesPolicyTextBlock_lbl2" xml:lang="en-US" id="pcyo_LandDevelopmentInventoriesPolicyTextBlock_lbl2">Land Development Inventories</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LandDevelopmentInventoriesPolicyTextBlock" xlink:to="pcyo_LandDevelopmentInventoriesPolicyTextBlock_lbl2" xlink:title="label: LandDevelopmentInventoriesPolicyTextBlock to pcyo_LandDevelopmentInventoriesPolicyTextBlock_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_DeferredRevenueFromContractWithCustomerPolicyTextBlock" xlink:label="DeferredRevenueFromContractWithCustomerPolicyTextBlock" xlink:title="DeferredRevenueFromContractWithCustomerPolicyTextBlock" />
    <link:label xlink:type="resource" xlink:label="pcyo_DeferredRevenueFromContractWithCustomerPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_DeferredRevenueFromContractWithCustomerPolicyTextBlock_lbl" xml:lang="en-US" id="pcyo_DeferredRevenueFromContractWithCustomerPolicyTextBlock_lbl">Disclosure of accounting policy for deferred revenue from contract with customer.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredRevenueFromContractWithCustomerPolicyTextBlock" xlink:to="pcyo_DeferredRevenueFromContractWithCustomerPolicyTextBlock_lbl" xlink:title="label: DeferredRevenueFromContractWithCustomerPolicyTextBlock to pcyo_DeferredRevenueFromContractWithCustomerPolicyTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_DeferredRevenueFromContractWithCustomerPolicyTextBlock_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_DeferredRevenueFromContractWithCustomerPolicyTextBlock_lbl1" xml:lang="en-US" id="pcyo_DeferredRevenueFromContractWithCustomerPolicyTextBlock_lbl1">Deferred Revenue from Contract With Customer [Policy Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredRevenueFromContractWithCustomerPolicyTextBlock" xlink:to="pcyo_DeferredRevenueFromContractWithCustomerPolicyTextBlock_lbl1" xlink:title="label: DeferredRevenueFromContractWithCustomerPolicyTextBlock to pcyo_DeferredRevenueFromContractWithCustomerPolicyTextBlock_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_DeferredRevenueFromContractWithCustomerPolicyTextBlock_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_DeferredRevenueFromContractWithCustomerPolicyTextBlock_lbl2" xml:lang="en-US" id="pcyo_DeferredRevenueFromContractWithCustomerPolicyTextBlock_lbl2">Deferred Revenue</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredRevenueFromContractWithCustomerPolicyTextBlock" xlink:to="pcyo_DeferredRevenueFromContractWithCustomerPolicyTextBlock_lbl2" xlink:title="label: DeferredRevenueFromContractWithCustomerPolicyTextBlock to pcyo_DeferredRevenueFromContractWithCustomerPolicyTextBlock_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_CapitalizedCostsOfWaterAndWastewaterSystemsAndDepletionAndDepreciationOfWaterAssetsPolicyPolicyTextBlock" xlink:label="CapitalizedCostsOfWaterAndWastewaterSystemsAndDepletionAndDepreciationOfWaterAssetsPolicyPolicyTextBlock" xlink:title="CapitalizedCostsOfWaterAndWastewaterSystemsAndDepletionAndDepreciationOfWaterAssetsPolicyPolicyTextBlock" />
    <link:label xlink:type="resource" xlink:label="pcyo_CapitalizedCostsOfWaterAndWastewaterSystemsAndDepletionAndDepreciationOfWaterAssetsPolicyPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_CapitalizedCostsOfWaterAndWastewaterSystemsAndDepletionAndDepreciationOfWaterAssetsPolicyPolicyTextBlock_lbl" xml:lang="en-US" id="pcyo_CapitalizedCostsOfWaterAndWastewaterSystemsAndDepletionAndDepreciationOfWaterAssetsPolicyPolicyTextBlock_lbl">Disclosure of accounting policy for capitalized costs of water and wastewater systems and depletion and depreciation of water assets.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CapitalizedCostsOfWaterAndWastewaterSystemsAndDepletionAndDepreciationOfWaterAssetsPolicyPolicyTextBlock" xlink:to="pcyo_CapitalizedCostsOfWaterAndWastewaterSystemsAndDepletionAndDepreciationOfWaterAssetsPolicyPolicyTextBlock_lbl" xlink:title="label: CapitalizedCostsOfWaterAndWastewaterSystemsAndDepletionAndDepreciationOfWaterAssetsPolicyPolicyTextBlock to pcyo_CapitalizedCostsOfWaterAndWastewaterSystemsAndDepletionAndDepreciationOfWaterAssetsPolicyPolicyTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_CapitalizedCostsOfWaterAndWastewaterSystemsAndDepletionAndDepreciationOfWaterAssetsPolicyPolicyTextBlock_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_CapitalizedCostsOfWaterAndWastewaterSystemsAndDepletionAndDepreciationOfWaterAssetsPolicyPolicyTextBlock_lbl1" xml:lang="en-US" id="pcyo_CapitalizedCostsOfWaterAndWastewaterSystemsAndDepletionAndDepreciationOfWaterAssetsPolicyPolicyTextBlock_lbl1">Capitalized Costs of Water and Wastewater Systems and Depletion and Depreciation of Water Assets, Policy [Policy Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CapitalizedCostsOfWaterAndWastewaterSystemsAndDepletionAndDepreciationOfWaterAssetsPolicyPolicyTextBlock" xlink:to="pcyo_CapitalizedCostsOfWaterAndWastewaterSystemsAndDepletionAndDepreciationOfWaterAssetsPolicyPolicyTextBlock_lbl1" xlink:title="label: CapitalizedCostsOfWaterAndWastewaterSystemsAndDepletionAndDepreciationOfWaterAssetsPolicyPolicyTextBlock to pcyo_CapitalizedCostsOfWaterAndWastewaterSystemsAndDepletionAndDepreciationOfWaterAssetsPolicyPolicyTextBlock_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_CapitalizedCostsOfWaterAndWastewaterSystemsAndDepletionAndDepreciationOfWaterAssetsPolicyPolicyTextBlock_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_CapitalizedCostsOfWaterAndWastewaterSystemsAndDepletionAndDepreciationOfWaterAssetsPolicyPolicyTextBlock_lbl2" xml:lang="en-US" id="pcyo_CapitalizedCostsOfWaterAndWastewaterSystemsAndDepletionAndDepreciationOfWaterAssetsPolicyPolicyTextBlock_lbl2">Capitalized Costs of Water and Wastewater Systems and Depletion and Depreciation of Water Assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CapitalizedCostsOfWaterAndWastewaterSystemsAndDepletionAndDepreciationOfWaterAssetsPolicyPolicyTextBlock" xlink:to="pcyo_CapitalizedCostsOfWaterAndWastewaterSystemsAndDepletionAndDepreciationOfWaterAssetsPolicyPolicyTextBlock_lbl2" xlink:title="label: CapitalizedCostsOfWaterAndWastewaterSystemsAndDepletionAndDepreciationOfWaterAssetsPolicyPolicyTextBlock to pcyo_CapitalizedCostsOfWaterAndWastewaterSystemsAndDepletionAndDepreciationOfWaterAssetsPolicyPolicyTextBlock_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_ContractAssetPolicyTextBlock" xlink:label="ContractAssetPolicyTextBlock" xlink:title="ContractAssetPolicyTextBlock" />
    <link:label xlink:type="resource" xlink:label="pcyo_ContractAssetPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_ContractAssetPolicyTextBlock_lbl" xml:lang="en-US" id="pcyo_ContractAssetPolicyTextBlock_lbl">Disclosure of accounting policy for contract asset.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContractAssetPolicyTextBlock" xlink:to="pcyo_ContractAssetPolicyTextBlock_lbl" xlink:title="label: ContractAssetPolicyTextBlock to pcyo_ContractAssetPolicyTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_ContractAssetPolicyTextBlock_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_ContractAssetPolicyTextBlock_lbl1" xml:lang="en-US" id="pcyo_ContractAssetPolicyTextBlock_lbl1">Contract Asset [Policy Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContractAssetPolicyTextBlock" xlink:to="pcyo_ContractAssetPolicyTextBlock_lbl1" xlink:title="label: ContractAssetPolicyTextBlock to pcyo_ContractAssetPolicyTextBlock_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_ContractAssetPolicyTextBlock_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_ContractAssetPolicyTextBlock_lbl2" xml:lang="en-US" id="pcyo_ContractAssetPolicyTextBlock_lbl2">Contract Asset</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContractAssetPolicyTextBlock" xlink:to="pcyo_ContractAssetPolicyTextBlock_lbl2" xlink:title="label: ContractAssetPolicyTextBlock to pcyo_ContractAssetPolicyTextBlock_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_ConcentrationOfCreditRiskAndFairValueOfFinancialInstrumentsPolicyPolicyTextBlock" xlink:label="ConcentrationOfCreditRiskAndFairValueOfFinancialInstrumentsPolicyPolicyTextBlock" xlink:title="ConcentrationOfCreditRiskAndFairValueOfFinancialInstrumentsPolicyPolicyTextBlock" />
    <link:label xlink:type="resource" xlink:label="pcyo_ConcentrationOfCreditRiskAndFairValueOfFinancialInstrumentsPolicyPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_ConcentrationOfCreditRiskAndFairValueOfFinancialInstrumentsPolicyPolicyTextBlock_lbl" xml:lang="en-US" id="pcyo_ConcentrationOfCreditRiskAndFairValueOfFinancialInstrumentsPolicyPolicyTextBlock_lbl">Disclosure of accounting policy for concentration of credit risk and fair value of financial instruments.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConcentrationOfCreditRiskAndFairValueOfFinancialInstrumentsPolicyPolicyTextBlock" xlink:to="pcyo_ConcentrationOfCreditRiskAndFairValueOfFinancialInstrumentsPolicyPolicyTextBlock_lbl" xlink:title="label: ConcentrationOfCreditRiskAndFairValueOfFinancialInstrumentsPolicyPolicyTextBlock to pcyo_ConcentrationOfCreditRiskAndFairValueOfFinancialInstrumentsPolicyPolicyTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_ConcentrationOfCreditRiskAndFairValueOfFinancialInstrumentsPolicyPolicyTextBlock_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_ConcentrationOfCreditRiskAndFairValueOfFinancialInstrumentsPolicyPolicyTextBlock_lbl1" xml:lang="en-US" id="pcyo_ConcentrationOfCreditRiskAndFairValueOfFinancialInstrumentsPolicyPolicyTextBlock_lbl1">Concentration of Credit Risk and Fair Value of Financial Instruments, Policy [Policy Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConcentrationOfCreditRiskAndFairValueOfFinancialInstrumentsPolicyPolicyTextBlock" xlink:to="pcyo_ConcentrationOfCreditRiskAndFairValueOfFinancialInstrumentsPolicyPolicyTextBlock_lbl1" xlink:title="label: ConcentrationOfCreditRiskAndFairValueOfFinancialInstrumentsPolicyPolicyTextBlock to pcyo_ConcentrationOfCreditRiskAndFairValueOfFinancialInstrumentsPolicyPolicyTextBlock_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_ConcentrationOfCreditRiskAndFairValueOfFinancialInstrumentsPolicyPolicyTextBlock_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_ConcentrationOfCreditRiskAndFairValueOfFinancialInstrumentsPolicyPolicyTextBlock_lbl2" xml:lang="en-US" id="pcyo_ConcentrationOfCreditRiskAndFairValueOfFinancialInstrumentsPolicyPolicyTextBlock_lbl2">Concentration of Credit Risk and Fair Value</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConcentrationOfCreditRiskAndFairValueOfFinancialInstrumentsPolicyPolicyTextBlock" xlink:to="pcyo_ConcentrationOfCreditRiskAndFairValueOfFinancialInstrumentsPolicyPolicyTextBlock_lbl2" xlink:title="label: ConcentrationOfCreditRiskAndFairValueOfFinancialInstrumentsPolicyPolicyTextBlock to pcyo_ConcentrationOfCreditRiskAndFairValueOfFinancialInstrumentsPolicyPolicyTextBlock_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_RoyaltyAndOtherObligationsPolicyTextBlock" xlink:label="RoyaltyAndOtherObligationsPolicyTextBlock" xlink:title="RoyaltyAndOtherObligationsPolicyTextBlock" />
    <link:label xlink:type="resource" xlink:label="pcyo_RoyaltyAndOtherObligationsPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_RoyaltyAndOtherObligationsPolicyTextBlock_lbl" xml:lang="en-US" id="pcyo_RoyaltyAndOtherObligationsPolicyTextBlock_lbl">Disclosure of accounting policy for royalty and other obligations.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RoyaltyAndOtherObligationsPolicyTextBlock" xlink:to="pcyo_RoyaltyAndOtherObligationsPolicyTextBlock_lbl" xlink:title="label: RoyaltyAndOtherObligationsPolicyTextBlock to pcyo_RoyaltyAndOtherObligationsPolicyTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_RoyaltyAndOtherObligationsPolicyTextBlock_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_RoyaltyAndOtherObligationsPolicyTextBlock_lbl1" xml:lang="en-US" id="pcyo_RoyaltyAndOtherObligationsPolicyTextBlock_lbl1">Royalty and Other Obligations [Policy Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RoyaltyAndOtherObligationsPolicyTextBlock" xlink:to="pcyo_RoyaltyAndOtherObligationsPolicyTextBlock_lbl1" xlink:title="label: RoyaltyAndOtherObligationsPolicyTextBlock to pcyo_RoyaltyAndOtherObligationsPolicyTextBlock_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_RoyaltyAndOtherObligationsPolicyTextBlock_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_RoyaltyAndOtherObligationsPolicyTextBlock_lbl2" xml:lang="en-US" id="pcyo_RoyaltyAndOtherObligationsPolicyTextBlock_lbl2">Royalty and Other Obligations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RoyaltyAndOtherObligationsPolicyTextBlock" xlink:to="pcyo_RoyaltyAndOtherObligationsPolicyTextBlock_lbl2" xlink:title="label: RoyaltyAndOtherObligationsPolicyTextBlock to pcyo_RoyaltyAndOtherObligationsPolicyTextBlock_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_InventoriesIncludedInAccountsPayableAndAccruedLiabilities" xlink:label="InventoriesIncludedInAccountsPayableAndAccruedLiabilities" xlink:title="InventoriesIncludedInAccountsPayableAndAccruedLiabilities" />
    <link:label xlink:type="resource" xlink:label="pcyo_InventoriesIncludedInAccountsPayableAndAccruedLiabilities_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_InventoriesIncludedInAccountsPayableAndAccruedLiabilities_lbl" xml:lang="en-US" id="pcyo_InventoriesIncludedInAccountsPayableAndAccruedLiabilities_lbl">Value of inventories included in accounts payable and accrued liabilities in noncash transactions.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InventoriesIncludedInAccountsPayableAndAccruedLiabilities" xlink:to="pcyo_InventoriesIncludedInAccountsPayableAndAccruedLiabilities_lbl" xlink:title="label: InventoriesIncludedInAccountsPayableAndAccruedLiabilities to pcyo_InventoriesIncludedInAccountsPayableAndAccruedLiabilities_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_InventoriesIncludedInAccountsPayableAndAccruedLiabilities_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_InventoriesIncludedInAccountsPayableAndAccruedLiabilities_lbl1" xml:lang="en-US" id="pcyo_InventoriesIncludedInAccountsPayableAndAccruedLiabilities_lbl1">Inventories Included in Accounts Payable and Accrued Liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InventoriesIncludedInAccountsPayableAndAccruedLiabilities" xlink:to="pcyo_InventoriesIncludedInAccountsPayableAndAccruedLiabilities_lbl1" xlink:title="label: InventoriesIncludedInAccountsPayableAndAccruedLiabilities to pcyo_InventoriesIncludedInAccountsPayableAndAccruedLiabilities_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_InventoriesIncludedInAccountsPayableAndAccruedLiabilities_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_InventoriesIncludedInAccountsPayableAndAccruedLiabilities_lbl2" xml:lang="en-US" id="pcyo_InventoriesIncludedInAccountsPayableAndAccruedLiabilities_lbl2">Inventories included in accounts payable and accrued liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InventoriesIncludedInAccountsPayableAndAccruedLiabilities" xlink:to="pcyo_InventoriesIncludedInAccountsPayableAndAccruedLiabilities_lbl2" xlink:title="label: InventoriesIncludedInAccountsPayableAndAccruedLiabilities to pcyo_InventoriesIncludedInAccountsPayableAndAccruedLiabilities_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_InterestIncomeAndOtherNonCashItems" xlink:label="InterestIncomeAndOtherNonCashItems" xlink:title="InterestIncomeAndOtherNonCashItems" />
    <link:label xlink:type="resource" xlink:label="pcyo_InterestIncomeAndOtherNonCashItems_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_InterestIncomeAndOtherNonCashItems_lbl" xml:lang="en-US" id="pcyo_InterestIncomeAndOtherNonCashItems_lbl">The amount of interest income and other non-cash income recognized during the period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestIncomeAndOtherNonCashItems" xlink:to="pcyo_InterestIncomeAndOtherNonCashItems_lbl" xlink:title="label: InterestIncomeAndOtherNonCashItems to pcyo_InterestIncomeAndOtherNonCashItems_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_InterestIncomeAndOtherNonCashItems_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_InterestIncomeAndOtherNonCashItems_lbl1" xml:lang="en-US" id="pcyo_InterestIncomeAndOtherNonCashItems_lbl1">Interest Income and Other Non-Cash Items</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestIncomeAndOtherNonCashItems" xlink:to="pcyo_InterestIncomeAndOtherNonCashItems_lbl1" xlink:title="label: InterestIncomeAndOtherNonCashItems to pcyo_InterestIncomeAndOtherNonCashItems_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_InterestIncomeAndOtherNonCashItems_lbl2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="pcyo_InterestIncomeAndOtherNonCashItems_lbl2" xml:lang="en-US" id="pcyo_InterestIncomeAndOtherNonCashItems_lbl2">Interest income and other non-cash items</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestIncomeAndOtherNonCashItems" xlink:to="pcyo_InterestIncomeAndOtherNonCashItems_lbl2" xlink:title="label: InterestIncomeAndOtherNonCashItems to pcyo_InterestIncomeAndOtherNonCashItems_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_PaymentsToContingentLiabilityHolders" xlink:label="PaymentsToContingentLiabilityHolders" xlink:title="PaymentsToContingentLiabilityHolders" />
    <link:label xlink:type="resource" xlink:label="pcyo_PaymentsToContingentLiabilityHolders_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_PaymentsToContingentLiabilityHolders_lbl" xml:lang="en-US" id="pcyo_PaymentsToContingentLiabilityHolders_lbl">Amount of cash outflow for the payment of export water contingent liability holders during the period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsToContingentLiabilityHolders" xlink:to="pcyo_PaymentsToContingentLiabilityHolders_lbl" xlink:title="label: PaymentsToContingentLiabilityHolders to pcyo_PaymentsToContingentLiabilityHolders_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_PaymentsToContingentLiabilityHolders_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_PaymentsToContingentLiabilityHolders_lbl1" xml:lang="en-US" id="pcyo_PaymentsToContingentLiabilityHolders_lbl1">Payments to Contingent Liability Holders</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsToContingentLiabilityHolders" xlink:to="pcyo_PaymentsToContingentLiabilityHolders_lbl1" xlink:title="label: PaymentsToContingentLiabilityHolders to pcyo_PaymentsToContingentLiabilityHolders_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_PaymentsToContingentLiabilityHolders_lbl2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="pcyo_PaymentsToContingentLiabilityHolders_lbl2" xml:lang="en-US" id="pcyo_PaymentsToContingentLiabilityHolders_lbl2">Payments to contingent liability holders</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsToContingentLiabilityHolders" xlink:to="pcyo_PaymentsToContingentLiabilityHolders_lbl2" xlink:title="label: PaymentsToContingentLiabilityHolders to pcyo_PaymentsToContingentLiabilityHolders_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_PaymentsToAcquireWaterWaterSystemsAndLand" xlink:label="PaymentsToAcquireWaterWaterSystemsAndLand" xlink:title="PaymentsToAcquireWaterWaterSystemsAndLand" />
    <link:label xlink:type="resource" xlink:label="pcyo_PaymentsToAcquireWaterWaterSystemsAndLand_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_PaymentsToAcquireWaterWaterSystemsAndLand_lbl" xml:lang="en-US" id="pcyo_PaymentsToAcquireWaterWaterSystemsAndLand_lbl">The cash outflow associated with the purchase of water, water systems and land.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsToAcquireWaterWaterSystemsAndLand" xlink:to="pcyo_PaymentsToAcquireWaterWaterSystemsAndLand_lbl" xlink:title="label: PaymentsToAcquireWaterWaterSystemsAndLand to pcyo_PaymentsToAcquireWaterWaterSystemsAndLand_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_PaymentsToAcquireWaterWaterSystemsAndLand_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_PaymentsToAcquireWaterWaterSystemsAndLand_lbl1" xml:lang="en-US" id="pcyo_PaymentsToAcquireWaterWaterSystemsAndLand_lbl1">Payments to Acquire Water, Water Systems and Land</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsToAcquireWaterWaterSystemsAndLand" xlink:to="pcyo_PaymentsToAcquireWaterWaterSystemsAndLand_lbl1" xlink:title="label: PaymentsToAcquireWaterWaterSystemsAndLand to pcyo_PaymentsToAcquireWaterWaterSystemsAndLand_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_PaymentsToAcquireWaterWaterSystemsAndLand_lbl2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="pcyo_PaymentsToAcquireWaterWaterSystemsAndLand_lbl2" xml:lang="en-US" id="pcyo_PaymentsToAcquireWaterWaterSystemsAndLand_lbl2">Investments in water, water systems, and land</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsToAcquireWaterWaterSystemsAndLand" xlink:to="pcyo_PaymentsToAcquireWaterWaterSystemsAndLand_lbl2" xlink:title="label: PaymentsToAcquireWaterWaterSystemsAndLand to pcyo_PaymentsToAcquireWaterWaterSystemsAndLand_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_IncreaseDecreaseInDeferredRevenueLeases" xlink:label="IncreaseDecreaseInDeferredRevenueLeases" xlink:title="IncreaseDecreaseInDeferredRevenueLeases" />
    <link:label xlink:type="resource" xlink:label="pcyo_IncreaseDecreaseInDeferredRevenueLeases_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_IncreaseDecreaseInDeferredRevenueLeases_lbl" xml:lang="en-US" id="pcyo_IncreaseDecreaseInDeferredRevenueLeases_lbl">The increase (decrease) during the reporting period in the obligation created by deferred revenue leases.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInDeferredRevenueLeases" xlink:to="pcyo_IncreaseDecreaseInDeferredRevenueLeases_lbl" xlink:title="label: IncreaseDecreaseInDeferredRevenueLeases to pcyo_IncreaseDecreaseInDeferredRevenueLeases_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_IncreaseDecreaseInDeferredRevenueLeases_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_IncreaseDecreaseInDeferredRevenueLeases_lbl1" xml:lang="en-US" id="pcyo_IncreaseDecreaseInDeferredRevenueLeases_lbl1">Increase (Decrease) in Deferred Revenue, Leases</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInDeferredRevenueLeases" xlink:to="pcyo_IncreaseDecreaseInDeferredRevenueLeases_lbl1" xlink:title="label: IncreaseDecreaseInDeferredRevenueLeases to pcyo_IncreaseDecreaseInDeferredRevenueLeases_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_IncreaseDecreaseInDeferredRevenueLeases_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_IncreaseDecreaseInDeferredRevenueLeases_lbl2" xml:lang="en-US" id="pcyo_IncreaseDecreaseInDeferredRevenueLeases_lbl2">Deferred oil and gas lease payment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInDeferredRevenueLeases" xlink:to="pcyo_IncreaseDecreaseInDeferredRevenueLeases_lbl2" xlink:title="label: IncreaseDecreaseInDeferredRevenueLeases to pcyo_IncreaseDecreaseInDeferredRevenueLeases_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_CABMember" xlink:label="CABMember" xlink:title="CABMember" />
    <link:label xlink:type="resource" xlink:label="pcyo_CABMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_CABMember_lbl" xml:lang="en-US" id="pcyo_CABMember_lbl">Quasi-municipal corporations and political subdivisions of Colorado formed for the purpose of providing service to the Company's Sky Ranch property.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CABMember" xlink:to="pcyo_CABMember_lbl" xlink:title="label: CABMember to pcyo_CABMember_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_CABMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_CABMember_lbl1" xml:lang="en-US" id="pcyo_CABMember_lbl1">CAB [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CABMember" xlink:to="pcyo_CABMember_lbl1" xlink:title="label: CABMember to pcyo_CABMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_NotesReceivableRelatedPartiesAdvancesPlusAccruedInterestIncludedInInventories" xlink:label="NotesReceivableRelatedPartiesAdvancesPlusAccruedInterestIncludedInInventories" xlink:title="NotesReceivableRelatedPartiesAdvancesPlusAccruedInterestIncludedInInventories" />
    <link:label xlink:type="resource" xlink:label="pcyo_NotesReceivableRelatedPartiesAdvancesPlusAccruedInterestIncludedInInventories_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_NotesReceivableRelatedPartiesAdvancesPlusAccruedInterestIncludedInInventories_lbl" xml:lang="en-US" id="pcyo_NotesReceivableRelatedPartiesAdvancesPlusAccruedInterestIncludedInInventories_lbl">Notes Receivable, Related Parties, Advances plus accrued interest included in inventories.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NotesReceivableRelatedPartiesAdvancesPlusAccruedInterestIncludedInInventories" xlink:to="pcyo_NotesReceivableRelatedPartiesAdvancesPlusAccruedInterestIncludedInInventories_lbl" xlink:title="label: NotesReceivableRelatedPartiesAdvancesPlusAccruedInterestIncludedInInventories to pcyo_NotesReceivableRelatedPartiesAdvancesPlusAccruedInterestIncludedInInventories_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_NotesReceivableRelatedPartiesAdvancesPlusAccruedInterestIncludedInInventories_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_NotesReceivableRelatedPartiesAdvancesPlusAccruedInterestIncludedInInventories_lbl1" xml:lang="en-US" id="pcyo_NotesReceivableRelatedPartiesAdvancesPlusAccruedInterestIncludedInInventories_lbl1">Notes Receivable, Related Parties, Advances plus accrued interest included in inventories</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NotesReceivableRelatedPartiesAdvancesPlusAccruedInterestIncludedInInventories" xlink:to="pcyo_NotesReceivableRelatedPartiesAdvancesPlusAccruedInterestIncludedInInventories_lbl1" xlink:title="label: NotesReceivableRelatedPartiesAdvancesPlusAccruedInterestIncludedInInventories to pcyo_NotesReceivableRelatedPartiesAdvancesPlusAccruedInterestIncludedInInventories_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_NotesReceivableRelatedPartiesAdvancesPlusAccruedInterestIncludedInInventories_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_NotesReceivableRelatedPartiesAdvancesPlusAccruedInterestIncludedInInventories_lbl2" xml:lang="en-US" id="pcyo_NotesReceivableRelatedPartiesAdvancesPlusAccruedInterestIncludedInInventories_lbl2">Advances plus accrued interest included in inventories</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NotesReceivableRelatedPartiesAdvancesPlusAccruedInterestIncludedInInventories" xlink:to="pcyo_NotesReceivableRelatedPartiesAdvancesPlusAccruedInterestIncludedInInventories_lbl2" xlink:title="label: NotesReceivableRelatedPartiesAdvancesPlusAccruedInterestIncludedInInventories to pcyo_NotesReceivableRelatedPartiesAdvancesPlusAccruedInterestIncludedInInventories_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_NotesReceivableRelatedPartiesAccruedInterest" xlink:label="NotesReceivableRelatedPartiesAccruedInterest" xlink:title="NotesReceivableRelatedPartiesAccruedInterest" />
    <link:label xlink:type="resource" xlink:label="pcyo_NotesReceivableRelatedPartiesAccruedInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_NotesReceivableRelatedPartiesAccruedInterest_lbl" xml:lang="en-US" id="pcyo_NotesReceivableRelatedPartiesAccruedInterest_lbl">For an unclassified balance sheet, accrued interest amounts due from parties associated with the reporting entity as evidenced by a written promise to pay.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NotesReceivableRelatedPartiesAccruedInterest" xlink:to="pcyo_NotesReceivableRelatedPartiesAccruedInterest_lbl" xlink:title="label: NotesReceivableRelatedPartiesAccruedInterest to pcyo_NotesReceivableRelatedPartiesAccruedInterest_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_NotesReceivableRelatedPartiesAccruedInterest_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_NotesReceivableRelatedPartiesAccruedInterest_lbl1" xml:lang="en-US" id="pcyo_NotesReceivableRelatedPartiesAccruedInterest_lbl1">Notes Receivable, Related Parties, Accrued Interest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NotesReceivableRelatedPartiesAccruedInterest" xlink:to="pcyo_NotesReceivableRelatedPartiesAccruedInterest_lbl1" xlink:title="label: NotesReceivableRelatedPartiesAccruedInterest to pcyo_NotesReceivableRelatedPartiesAccruedInterest_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_NotesReceivableRelatedPartiesAccruedInterest_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_NotesReceivableRelatedPartiesAccruedInterest_lbl2" xml:lang="en-US" id="pcyo_NotesReceivableRelatedPartiesAccruedInterest_lbl2">Notes receivable, accrued interest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NotesReceivableRelatedPartiesAccruedInterest" xlink:to="pcyo_NotesReceivableRelatedPartiesAccruedInterest_lbl2" xlink:title="label: NotesReceivableRelatedPartiesAccruedInterest to pcyo_NotesReceivableRelatedPartiesAccruedInterest_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_RelatedPartyEstimatedCost" xlink:label="RelatedPartyEstimatedCost" xlink:title="RelatedPartyEstimatedCost" />
    <link:label xlink:type="resource" xlink:label="pcyo_RelatedPartyEstimatedCost_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_RelatedPartyEstimatedCost_lbl" xml:lang="en-US" id="pcyo_RelatedPartyEstimatedCost_lbl">Amount of estimated cost for improvements for Sky Ranch with respect to earthwork, erosion control, streets, drainage and landscaping.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RelatedPartyEstimatedCost" xlink:to="pcyo_RelatedPartyEstimatedCost_lbl" xlink:title="label: RelatedPartyEstimatedCost to pcyo_RelatedPartyEstimatedCost_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_RelatedPartyEstimatedCost_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_RelatedPartyEstimatedCost_lbl1" xml:lang="en-US" id="pcyo_RelatedPartyEstimatedCost_lbl1">Related Party Estimated Cost</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RelatedPartyEstimatedCost" xlink:to="pcyo_RelatedPartyEstimatedCost_lbl1" xlink:title="label: RelatedPartyEstimatedCost to pcyo_RelatedPartyEstimatedCost_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_RelatedPartyEstimatedCost_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_RelatedPartyEstimatedCost_lbl2" xml:lang="en-US" id="pcyo_RelatedPartyEstimatedCost_lbl2">Estimated cost</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RelatedPartyEstimatedCost" xlink:to="pcyo_RelatedPartyEstimatedCost_lbl2" xlink:title="label: RelatedPartyEstimatedCost to pcyo_RelatedPartyEstimatedCost_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_NumberOfEmployeeBoardOfDirectors" xlink:label="NumberOfEmployeeBoardOfDirectors" xlink:title="NumberOfEmployeeBoardOfDirectors" />
    <link:label xlink:type="resource" xlink:label="pcyo_NumberOfEmployeeBoardOfDirectors_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_NumberOfEmployeeBoardOfDirectors_lbl" xml:lang="en-US" id="pcyo_NumberOfEmployeeBoardOfDirectors_lbl">Number of employees who are members of the board of directors.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfEmployeeBoardOfDirectors" xlink:to="pcyo_NumberOfEmployeeBoardOfDirectors_lbl" xlink:title="label: NumberOfEmployeeBoardOfDirectors to pcyo_NumberOfEmployeeBoardOfDirectors_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_NumberOfEmployeeBoardOfDirectors_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_NumberOfEmployeeBoardOfDirectors_lbl1" xml:lang="en-US" id="pcyo_NumberOfEmployeeBoardOfDirectors_lbl1">Number of Employee Board of Directors</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfEmployeeBoardOfDirectors" xlink:to="pcyo_NumberOfEmployeeBoardOfDirectors_lbl1" xlink:title="label: NumberOfEmployeeBoardOfDirectors to pcyo_NumberOfEmployeeBoardOfDirectors_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_NumberOfEmployeeBoardOfDirectors_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_NumberOfEmployeeBoardOfDirectors_lbl2" xml:lang="en-US" id="pcyo_NumberOfEmployeeBoardOfDirectors_lbl2">Number of employee board of directors</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfEmployeeBoardOfDirectors" xlink:to="pcyo_NumberOfEmployeeBoardOfDirectors_lbl2" xlink:title="label: NumberOfEmployeeBoardOfDirectors to pcyo_NumberOfEmployeeBoardOfDirectors_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_NotesReceivableRelatedPartiesPrincipal" xlink:label="NotesReceivableRelatedPartiesPrincipal" xlink:title="NotesReceivableRelatedPartiesPrincipal" />
    <link:label xlink:type="resource" xlink:label="pcyo_NotesReceivableRelatedPartiesPrincipal_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_NotesReceivableRelatedPartiesPrincipal_lbl" xml:lang="en-US" id="pcyo_NotesReceivableRelatedPartiesPrincipal_lbl">For an unclassified balance sheet, principal amounts due from parties associated with the reporting entity as evidenced by a written promise to pay.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NotesReceivableRelatedPartiesPrincipal" xlink:to="pcyo_NotesReceivableRelatedPartiesPrincipal_lbl" xlink:title="label: NotesReceivableRelatedPartiesPrincipal to pcyo_NotesReceivableRelatedPartiesPrincipal_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_NotesReceivableRelatedPartiesPrincipal_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_NotesReceivableRelatedPartiesPrincipal_lbl1" xml:lang="en-US" id="pcyo_NotesReceivableRelatedPartiesPrincipal_lbl1">Notes Receivable, Related Parties, Principal</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NotesReceivableRelatedPartiesPrincipal" xlink:to="pcyo_NotesReceivableRelatedPartiesPrincipal_lbl1" xlink:title="label: NotesReceivableRelatedPartiesPrincipal to pcyo_NotesReceivableRelatedPartiesPrincipal_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_NotesReceivableRelatedPartiesPrincipal_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_NotesReceivableRelatedPartiesPrincipal_lbl2" xml:lang="en-US" id="pcyo_NotesReceivableRelatedPartiesPrincipal_lbl2">Notes receivable, principal</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NotesReceivableRelatedPartiesPrincipal" xlink:to="pcyo_NotesReceivableRelatedPartiesPrincipal_lbl2" xlink:title="label: NotesReceivableRelatedPartiesPrincipal to pcyo_NotesReceivableRelatedPartiesPrincipal_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_NumberOfIndependentBoardOfDirectors" xlink:label="NumberOfIndependentBoardOfDirectors" xlink:title="NumberOfIndependentBoardOfDirectors" />
    <link:label xlink:type="resource" xlink:label="pcyo_NumberOfIndependentBoardOfDirectors_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_NumberOfIndependentBoardOfDirectors_lbl" xml:lang="en-US" id="pcyo_NumberOfIndependentBoardOfDirectors_lbl">Number of independent board who are members of the board of directors.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfIndependentBoardOfDirectors" xlink:to="pcyo_NumberOfIndependentBoardOfDirectors_lbl" xlink:title="label: NumberOfIndependentBoardOfDirectors to pcyo_NumberOfIndependentBoardOfDirectors_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_NumberOfIndependentBoardOfDirectors_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_NumberOfIndependentBoardOfDirectors_lbl1" xml:lang="en-US" id="pcyo_NumberOfIndependentBoardOfDirectors_lbl1">Number of Independent Board of Directors</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfIndependentBoardOfDirectors" xlink:to="pcyo_NumberOfIndependentBoardOfDirectors_lbl1" xlink:title="label: NumberOfIndependentBoardOfDirectors to pcyo_NumberOfIndependentBoardOfDirectors_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_NumberOfIndependentBoardOfDirectors_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_NumberOfIndependentBoardOfDirectors_lbl2" xml:lang="en-US" id="pcyo_NumberOfIndependentBoardOfDirectors_lbl2">Number of independent board of directors</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfIndependentBoardOfDirectors" xlink:to="pcyo_NumberOfIndependentBoardOfDirectors_lbl2" xlink:title="label: NumberOfIndependentBoardOfDirectors to pcyo_NumberOfIndependentBoardOfDirectors_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_LoanExtendedMaximumCapacity" xlink:label="LoanExtendedMaximumCapacity" xlink:title="LoanExtendedMaximumCapacity" />
    <link:label xlink:type="resource" xlink:label="pcyo_LoanExtendedMaximumCapacity_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_LoanExtendedMaximumCapacity_lbl" xml:lang="en-US" id="pcyo_LoanExtendedMaximumCapacity_lbl">Maximum capacity that may be utilized as part of the loan extended as of the balance sheet date.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoanExtendedMaximumCapacity" xlink:to="pcyo_LoanExtendedMaximumCapacity_lbl" xlink:title="label: LoanExtendedMaximumCapacity to pcyo_LoanExtendedMaximumCapacity_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_LoanExtendedMaximumCapacity_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_LoanExtendedMaximumCapacity_lbl1" xml:lang="en-US" id="pcyo_LoanExtendedMaximumCapacity_lbl1">Loan extended, Maximum Capacity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoanExtendedMaximumCapacity" xlink:to="pcyo_LoanExtendedMaximumCapacity_lbl1" xlink:title="label: LoanExtendedMaximumCapacity to pcyo_LoanExtendedMaximumCapacity_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_LoanExtendedMaximumCapacity_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_LoanExtendedMaximumCapacity_lbl2" xml:lang="en-US" id="pcyo_LoanExtendedMaximumCapacity_lbl2">Loan extended, maximum capacity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoanExtendedMaximumCapacity" xlink:to="pcyo_LoanExtendedMaximumCapacity_lbl2" xlink:title="label: LoanExtendedMaximumCapacity to pcyo_LoanExtendedMaximumCapacity_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_RelatedPartyTransactionsDisclosureAbstract" xlink:label="RelatedPartyTransactionsDisclosureAbstract" xlink:title="RelatedPartyTransactionsDisclosureAbstract" />
    <link:label xlink:type="resource" xlink:label="pcyo_RelatedPartyTransactionsDisclosureAbstract_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_RelatedPartyTransactionsDisclosureAbstract_lbl1" xml:lang="en-US" id="pcyo_RelatedPartyTransactionsDisclosureAbstract_lbl1">Related Party Transactions Disclosure [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RelatedPartyTransactionsDisclosureAbstract" xlink:to="pcyo_RelatedPartyTransactionsDisclosureAbstract_lbl1" xlink:title="label: RelatedPartyTransactionsDisclosureAbstract to pcyo_RelatedPartyTransactionsDisclosureAbstract_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_RelatedPartyTransactionsDisclosureAbstract_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_RelatedPartyTransactionsDisclosureAbstract_lbl2" xml:lang="en-US" id="pcyo_RelatedPartyTransactionsDisclosureAbstract_lbl2">Related Party Transactions [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RelatedPartyTransactionsDisclosureAbstract" xlink:to="pcyo_RelatedPartyTransactionsDisclosureAbstract_lbl2" xlink:title="label: RelatedPartyTransactionsDisclosureAbstract to pcyo_RelatedPartyTransactionsDisclosureAbstract_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_SkyRanchMember" xlink:label="SkyRanchMember" xlink:title="SkyRanchMember" />
    <link:label xlink:type="resource" xlink:label="pcyo_SkyRanchMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_SkyRanchMember_lbl" xml:lang="en-US" id="pcyo_SkyRanchMember_lbl">Quasi-municipal corporations and political subdivisions of Colorado formed for the purpose of providing service to the Company's Sky Ranch property.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SkyRanchMember" xlink:to="pcyo_SkyRanchMember_lbl" xlink:title="label: SkyRanchMember to pcyo_SkyRanchMember_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_SkyRanchMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_SkyRanchMember_lbl1" xml:lang="en-US" id="pcyo_SkyRanchMember_lbl1">Sky Ranch [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SkyRanchMember" xlink:to="pcyo_SkyRanchMember_lbl1" xlink:title="label: SkyRanchMember to pcyo_SkyRanchMember_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_SkyRanchMember_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_SkyRanchMember_lbl2" xml:lang="en-US" id="pcyo_SkyRanchMember_lbl2">Sky Ranch [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SkyRanchMember" xlink:to="pcyo_SkyRanchMember_lbl2" xlink:title="label: SkyRanchMember to pcyo_SkyRanchMember_lbl2" />
    <link:label xlink:type="resource" xlink:label="pcyo_SkyRanchMember_lbl3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="pcyo_SkyRanchMember_lbl3" xml:lang="en-US" id="pcyo_SkyRanchMember_lbl3">Sky Ranch District [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SkyRanchMember" xlink:to="pcyo_SkyRanchMember_lbl3" xlink:title="label: SkyRanchMember to pcyo_SkyRanchMember_lbl3" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_CommunityAuthorityBoardMember" xlink:label="CommunityAuthorityBoardMember" xlink:title="CommunityAuthorityBoardMember" />
    <link:label xlink:type="resource" xlink:label="pcyo_CommunityAuthorityBoardMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_CommunityAuthorityBoardMember_lbl" xml:lang="en-US" id="pcyo_CommunityAuthorityBoardMember_lbl">The community authority board.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommunityAuthorityBoardMember" xlink:to="pcyo_CommunityAuthorityBoardMember_lbl" xlink:title="label: CommunityAuthorityBoardMember to pcyo_CommunityAuthorityBoardMember_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_CommunityAuthorityBoardMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_CommunityAuthorityBoardMember_lbl1" xml:lang="en-US" id="pcyo_CommunityAuthorityBoardMember_lbl1">Community Authority Board [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommunityAuthorityBoardMember" xlink:to="pcyo_CommunityAuthorityBoardMember_lbl1" xlink:title="label: CommunityAuthorityBoardMember to pcyo_CommunityAuthorityBoardMember_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_CommunityAuthorityBoardMember_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_CommunityAuthorityBoardMember_lbl2" xml:lang="en-US" id="pcyo_CommunityAuthorityBoardMember_lbl2">Sky Ranch Community Authority Board [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommunityAuthorityBoardMember" xlink:to="pcyo_CommunityAuthorityBoardMember_lbl2" xlink:title="label: CommunityAuthorityBoardMember to pcyo_CommunityAuthorityBoardMember_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_CapitalizedCostsOfWaterAndWastewaterSystemsAndDepletionAndDepreciationOfWaterAssetsAbstract" xlink:label="CapitalizedCostsOfWaterAndWastewaterSystemsAndDepletionAndDepreciationOfWaterAssetsAbstract" xlink:title="CapitalizedCostsOfWaterAndWastewaterSystemsAndDepletionAndDepreciationOfWaterAssetsAbstract" />
    <link:label xlink:type="resource" xlink:label="pcyo_CapitalizedCostsOfWaterAndWastewaterSystemsAndDepletionAndDepreciationOfWaterAssetsAbstract_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_CapitalizedCostsOfWaterAndWastewaterSystemsAndDepletionAndDepreciationOfWaterAssetsAbstract_lbl1" xml:lang="en-US" id="pcyo_CapitalizedCostsOfWaterAndWastewaterSystemsAndDepletionAndDepreciationOfWaterAssetsAbstract_lbl1">Capitalized Costs of Water and Wastewater Systems and Depletion and Depreciation of Water Assets [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CapitalizedCostsOfWaterAndWastewaterSystemsAndDepletionAndDepreciationOfWaterAssetsAbstract" xlink:to="pcyo_CapitalizedCostsOfWaterAndWastewaterSystemsAndDepletionAndDepreciationOfWaterAssetsAbstract_lbl1" xlink:title="label: CapitalizedCostsOfWaterAndWastewaterSystemsAndDepletionAndDepreciationOfWaterAssetsAbstract to pcyo_CapitalizedCostsOfWaterAndWastewaterSystemsAndDepletionAndDepreciationOfWaterAssetsAbstract_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_CapitalizedCostsOfWaterAndWastewaterSystemsAndDepletionAndDepreciationOfWaterAssetsAbstract_lbl2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="pcyo_CapitalizedCostsOfWaterAndWastewaterSystemsAndDepletionAndDepreciationOfWaterAssetsAbstract_lbl2" xml:lang="en-US" id="pcyo_CapitalizedCostsOfWaterAndWastewaterSystemsAndDepletionAndDepreciationOfWaterAssetsAbstract_lbl2">Capitalized Costs of Water and Wastewater Systems and Depletion and Depreciation of Water Assets [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CapitalizedCostsOfWaterAndWastewaterSystemsAndDepletionAndDepreciationOfWaterAssetsAbstract" xlink:to="pcyo_CapitalizedCostsOfWaterAndWastewaterSystemsAndDepletionAndDepreciationOfWaterAssetsAbstract_lbl2" xlink:title="label: CapitalizedCostsOfWaterAndWastewaterSystemsAndDepletionAndDepreciationOfWaterAssetsAbstract to pcyo_CapitalizedCostsOfWaterAndWastewaterSystemsAndDepletionAndDepreciationOfWaterAssetsAbstract_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_NumberOfBusinessLines" xlink:label="NumberOfBusinessLines" xlink:title="NumberOfBusinessLines" />
    <link:label xlink:type="resource" xlink:label="pcyo_NumberOfBusinessLines_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_NumberOfBusinessLines_lbl" xml:lang="en-US" id="pcyo_NumberOfBusinessLines_lbl">Number of business lines in operation by the entity.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfBusinessLines" xlink:to="pcyo_NumberOfBusinessLines_lbl" xlink:title="label: NumberOfBusinessLines to pcyo_NumberOfBusinessLines_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_NumberOfBusinessLines_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_NumberOfBusinessLines_lbl1" xml:lang="en-US" id="pcyo_NumberOfBusinessLines_lbl1">Number of Business Lines</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfBusinessLines" xlink:to="pcyo_NumberOfBusinessLines_lbl1" xlink:title="label: NumberOfBusinessLines to pcyo_NumberOfBusinessLines_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_NumberOfBusinessLines_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_NumberOfBusinessLines_lbl2" xml:lang="en-US" id="pcyo_NumberOfBusinessLines_lbl2">Number of business lines</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfBusinessLines" xlink:to="pcyo_NumberOfBusinessLines_lbl2" xlink:title="label: NumberOfBusinessLines to pcyo_NumberOfBusinessLines_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_SegmentReportingInformationCorporateAssetsAbstract" xlink:label="SegmentReportingInformationCorporateAssetsAbstract" xlink:title="SegmentReportingInformationCorporateAssetsAbstract" />
    <link:label xlink:type="resource" xlink:label="pcyo_SegmentReportingInformationCorporateAssetsAbstract_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_SegmentReportingInformationCorporateAssetsAbstract_lbl1" xml:lang="en-US" id="pcyo_SegmentReportingInformationCorporateAssetsAbstract_lbl1">Segment Reporting Information, Corporate Assets [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SegmentReportingInformationCorporateAssetsAbstract" xlink:to="pcyo_SegmentReportingInformationCorporateAssetsAbstract_lbl1" xlink:title="label: SegmentReportingInformationCorporateAssetsAbstract to pcyo_SegmentReportingInformationCorporateAssetsAbstract_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_SegmentReportingInformationCorporateAssetsAbstract_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_SegmentReportingInformationCorporateAssetsAbstract_lbl2" xml:lang="en-US" id="pcyo_SegmentReportingInformationCorporateAssetsAbstract_lbl2">Assets [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SegmentReportingInformationCorporateAssetsAbstract" xlink:to="pcyo_SegmentReportingInformationCorporateAssetsAbstract_lbl2" xlink:title="label: SegmentReportingInformationCorporateAssetsAbstract to pcyo_SegmentReportingInformationCorporateAssetsAbstract_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_Two014EquityIncentivePlanMember" xlink:label="Two014EquityIncentivePlanMember" xlink:title="Two014EquityIncentivePlanMember" />
    <link:label xlink:type="resource" xlink:label="pcyo_Two014EquityIncentivePlanMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_Two014EquityIncentivePlanMember_lbl" xml:lang="en-US" id="pcyo_Two014EquityIncentivePlanMember_lbl">Equity incentive plan for Executives, eligible employees, consultants and non-employee directors of the company.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Two014EquityIncentivePlanMember" xlink:to="pcyo_Two014EquityIncentivePlanMember_lbl" xlink:title="label: Two014EquityIncentivePlanMember to pcyo_Two014EquityIncentivePlanMember_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_Two014EquityIncentivePlanMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_Two014EquityIncentivePlanMember_lbl1" xml:lang="en-US" id="pcyo_Two014EquityIncentivePlanMember_lbl1">2014 Equity Incentive Plan [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Two014EquityIncentivePlanMember" xlink:to="pcyo_Two014EquityIncentivePlanMember_lbl1" xlink:title="label: Two014EquityIncentivePlanMember to pcyo_Two014EquityIncentivePlanMember_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_Two014EquityIncentivePlanMember_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_Two014EquityIncentivePlanMember_lbl2" xml:lang="en-US" id="pcyo_Two014EquityIncentivePlanMember_lbl2">2014 Equity Plan [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Two014EquityIncentivePlanMember" xlink:to="pcyo_Two014EquityIncentivePlanMember_lbl2" xlink:title="label: Two014EquityIncentivePlanMember to pcyo_Two014EquityIncentivePlanMember_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_BoardOfDirectorsMember" xlink:label="BoardOfDirectorsMember" xlink:title="BoardOfDirectorsMember" />
    <link:label xlink:type="resource" xlink:label="pcyo_BoardOfDirectorsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_BoardOfDirectorsMember_lbl" xml:lang="en-US" id="pcyo_BoardOfDirectorsMember_lbl">A board of directors is a recognized group of people who jointly oversee the activities of an organization.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BoardOfDirectorsMember" xlink:to="pcyo_BoardOfDirectorsMember_lbl" xlink:title="label: BoardOfDirectorsMember to pcyo_BoardOfDirectorsMember_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_BoardOfDirectorsMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_BoardOfDirectorsMember_lbl1" xml:lang="en-US" id="pcyo_BoardOfDirectorsMember_lbl1">Board of Directors [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BoardOfDirectorsMember" xlink:to="pcyo_BoardOfDirectorsMember_lbl1" xlink:title="label: BoardOfDirectorsMember to pcyo_BoardOfDirectorsMember_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_BoardOfDirectorsMember_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_BoardOfDirectorsMember_lbl2" xml:lang="en-US" id="pcyo_BoardOfDirectorsMember_lbl2">Non-Employee Director [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BoardOfDirectorsMember" xlink:to="pcyo_BoardOfDirectorsMember_lbl2" xlink:title="label: BoardOfDirectorsMember to pcyo_BoardOfDirectorsMember_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_PresidentAndChiefFinancialOfficerMember" xlink:label="PresidentAndChiefFinancialOfficerMember" xlink:title="PresidentAndChiefFinancialOfficerMember" />
    <link:label xlink:type="resource" xlink:label="pcyo_PresidentAndChiefFinancialOfficerMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_PresidentAndChiefFinancialOfficerMember_lbl" xml:lang="en-US" id="pcyo_PresidentAndChiefFinancialOfficerMember_lbl">Highest ranking executive officer, who has ultimate managerial responsibility for the entity and who reports to the board of directors. In addition, the chief executive officer (CEO) may also be the chairman of the board or president.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PresidentAndChiefFinancialOfficerMember" xlink:to="pcyo_PresidentAndChiefFinancialOfficerMember_lbl" xlink:title="label: PresidentAndChiefFinancialOfficerMember to pcyo_PresidentAndChiefFinancialOfficerMember_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_PresidentAndChiefFinancialOfficerMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_PresidentAndChiefFinancialOfficerMember_lbl1" xml:lang="en-US" id="pcyo_PresidentAndChiefFinancialOfficerMember_lbl1">President and Chief Financial Officer [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PresidentAndChiefFinancialOfficerMember" xlink:to="pcyo_PresidentAndChiefFinancialOfficerMember_lbl1" xlink:title="label: PresidentAndChiefFinancialOfficerMember to pcyo_PresidentAndChiefFinancialOfficerMember_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_PresidentAndChiefFinancialOfficerMember_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_PresidentAndChiefFinancialOfficerMember_lbl2" xml:lang="en-US" id="pcyo_PresidentAndChiefFinancialOfficerMember_lbl2">Mr. Harding [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PresidentAndChiefFinancialOfficerMember" xlink:to="pcyo_PresidentAndChiefFinancialOfficerMember_lbl2" xlink:title="label: PresidentAndChiefFinancialOfficerMember to pcyo_PresidentAndChiefFinancialOfficerMember_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_StockOptionActivityAbstract" xlink:label="StockOptionActivityAbstract" xlink:title="StockOptionActivityAbstract" />
    <link:label xlink:type="resource" xlink:label="pcyo_StockOptionActivityAbstract_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_StockOptionActivityAbstract_lbl1" xml:lang="en-US" id="pcyo_StockOptionActivityAbstract_lbl1">Stock Option Activity:</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockOptionActivityAbstract" xlink:to="pcyo_StockOptionActivityAbstract_lbl1" xlink:title="label: StockOptionActivityAbstract to pcyo_StockOptionActivityAbstract_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_StockOptionActivityAbstract_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_StockOptionActivityAbstract_lbl2" xml:lang="en-US" id="pcyo_StockOptionActivityAbstract_lbl2">Stock Option Activity [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockOptionActivityAbstract" xlink:to="pcyo_StockOptionActivityAbstract_lbl2" xlink:title="label: StockOptionActivityAbstract to pcyo_StockOptionActivityAbstract_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_ContingencyOptionPayments" xlink:label="ContingencyOptionPayments" xlink:title="ContingencyOptionPayments" />
    <link:label xlink:type="resource" xlink:label="pcyo_ContingencyOptionPayments_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_ContingencyOptionPayments_lbl" xml:lang="en-US" id="pcyo_ContingencyOptionPayments_lbl">The change in the contingency through option payments during the period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContingencyOptionPayments" xlink:to="pcyo_ContingencyOptionPayments_lbl" xlink:title="label: ContingencyOptionPayments to pcyo_ContingencyOptionPayments_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_ContingencyOptionPayments_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_ContingencyOptionPayments_lbl1" xml:lang="en-US" id="pcyo_ContingencyOptionPayments_lbl1">Contingency, Option payments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContingencyOptionPayments" xlink:to="pcyo_ContingencyOptionPayments_lbl1" xlink:title="label: ContingencyOptionPayments to pcyo_ContingencyOptionPayments_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_ContingencyOptionPayments_lbl2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="pcyo_ContingencyOptionPayments_lbl2" xml:lang="en-US" id="pcyo_ContingencyOptionPayments_lbl2">Option payments - Sky Ranch and The Hills at Sky Ranch</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContingencyOptionPayments" xlink:to="pcyo_ContingencyOptionPayments_lbl2" xlink:title="label: ContingencyOptionPayments to pcyo_ContingencyOptionPayments_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_ContingencyExportWaterSalePayments" xlink:label="ContingencyExportWaterSalePayments" xlink:title="ContingencyExportWaterSalePayments" />
    <link:label xlink:type="resource" xlink:label="pcyo_ContingencyExportWaterSalePayments_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_ContingencyExportWaterSalePayments_lbl" xml:lang="en-US" id="pcyo_ContingencyExportWaterSalePayments_lbl">The change in the contingency through export water sale payments during the period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContingencyExportWaterSalePayments" xlink:to="pcyo_ContingencyExportWaterSalePayments_lbl" xlink:title="label: ContingencyExportWaterSalePayments to pcyo_ContingencyExportWaterSalePayments_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_ContingencyExportWaterSalePayments_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_ContingencyExportWaterSalePayments_lbl1" xml:lang="en-US" id="pcyo_ContingencyExportWaterSalePayments_lbl1">Contingency, Export Water sale payments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContingencyExportWaterSalePayments" xlink:to="pcyo_ContingencyExportWaterSalePayments_lbl1" xlink:title="label: ContingencyExportWaterSalePayments to pcyo_ContingencyExportWaterSalePayments_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_ContingencyExportWaterSalePayments_lbl2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="pcyo_ContingencyExportWaterSalePayments_lbl2" xml:lang="en-US" id="pcyo_ContingencyExportWaterSalePayments_lbl2">Export water sale payments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContingencyExportWaterSalePayments" xlink:to="pcyo_ContingencyExportWaterSalePayments_lbl2" xlink:title="label: ContingencyExportWaterSalePayments to pcyo_ContingencyExportWaterSalePayments_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_ContingencyRelinquishment" xlink:label="ContingencyRelinquishment" xlink:title="ContingencyRelinquishment" />
    <link:label xlink:type="resource" xlink:label="pcyo_ContingencyRelinquishment_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_ContingencyRelinquishment_lbl" xml:lang="en-US" id="pcyo_ContingencyRelinquishment_lbl">The change in the contingency through relinquishment during the period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContingencyRelinquishment" xlink:to="pcyo_ContingencyRelinquishment_lbl" xlink:title="label: ContingencyRelinquishment to pcyo_ContingencyRelinquishment_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_ContingencyRelinquishment_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_ContingencyRelinquishment_lbl1" xml:lang="en-US" id="pcyo_ContingencyRelinquishment_lbl1">Contingency, Relinquishment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContingencyRelinquishment" xlink:to="pcyo_ContingencyRelinquishment_lbl1" xlink:title="label: ContingencyRelinquishment to pcyo_ContingencyRelinquishment_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_ContingencyRelinquishment_lbl2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="pcyo_ContingencyRelinquishment_lbl2" xml:lang="en-US" id="pcyo_ContingencyRelinquishment_lbl2">Relinquishment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContingencyRelinquishment" xlink:to="pcyo_ContingencyRelinquishment_lbl2" xlink:title="label: ContingencyRelinquishment to pcyo_ContingencyRelinquishment_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_ContingencyAcquisitions" xlink:label="ContingencyAcquisitions" xlink:title="ContingencyAcquisitions" />
    <link:label xlink:type="resource" xlink:label="pcyo_ContingencyAcquisitions_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_ContingencyAcquisitions_lbl" xml:lang="en-US" id="pcyo_ContingencyAcquisitions_lbl">The change in the contingency through acquisitions during the period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContingencyAcquisitions" xlink:to="pcyo_ContingencyAcquisitions_lbl" xlink:title="label: ContingencyAcquisitions to pcyo_ContingencyAcquisitions_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_ContingencyAcquisitions_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_ContingencyAcquisitions_lbl1" xml:lang="en-US" id="pcyo_ContingencyAcquisitions_lbl1">Contingency, Acquisitions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContingencyAcquisitions" xlink:to="pcyo_ContingencyAcquisitions_lbl1" xlink:title="label: ContingencyAcquisitions to pcyo_ContingencyAcquisitions_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_ContingencyAcquisitions_lbl2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="pcyo_ContingencyAcquisitions_lbl2" xml:lang="en-US" id="pcyo_ContingencyAcquisitions_lbl2">Acquisitions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContingencyAcquisitions" xlink:to="pcyo_ContingencyAcquisitions_lbl2" xlink:title="label: ContingencyAcquisitions to pcyo_ContingencyAcquisitions_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_ContingencyTapFees" xlink:label="ContingencyTapFees" xlink:title="ContingencyTapFees" />
    <link:label xlink:type="resource" xlink:label="pcyo_ContingencyTapFees_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_ContingencyTapFees_lbl" xml:lang="en-US" id="pcyo_ContingencyTapFees_lbl">The change in the contingency through tap fees during the period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContingencyTapFees" xlink:to="pcyo_ContingencyTapFees_lbl" xlink:title="label: ContingencyTapFees to pcyo_ContingencyTapFees_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_ContingencyTapFees_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_ContingencyTapFees_lbl1" xml:lang="en-US" id="pcyo_ContingencyTapFees_lbl1">Contingency, Tap fees</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContingencyTapFees" xlink:to="pcyo_ContingencyTapFees_lbl1" xlink:title="label: ContingencyTapFees to pcyo_ContingencyTapFees_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_ContingencyTapFees_lbl2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="pcyo_ContingencyTapFees_lbl2" xml:lang="en-US" id="pcyo_ContingencyTapFees_lbl2">Arapahoe County tap fees</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContingencyTapFees" xlink:to="pcyo_ContingencyTapFees_lbl2" xlink:title="label: ContingencyTapFees to pcyo_ContingencyTapFees_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_ContingencyRollForward" xlink:label="ContingencyRollForward" xlink:title="ContingencyRollForward" />
    <link:label xlink:type="resource" xlink:label="pcyo_ContingencyRollForward_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_ContingencyRollForward_lbl" xml:lang="en-US" id="pcyo_ContingencyRollForward_lbl">A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContingencyRollForward" xlink:to="pcyo_ContingencyRollForward_lbl" xlink:title="label: ContingencyRollForward to pcyo_ContingencyRollForward_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_ContingencyRollForward_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_ContingencyRollForward_lbl1" xml:lang="en-US" id="pcyo_ContingencyRollForward_lbl1">Contingency [Roll Forward]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContingencyRollForward" xlink:to="pcyo_ContingencyRollForward_lbl1" xlink:title="label: ContingencyRollForward to pcyo_ContingencyRollForward_lbl1" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_ExpectedFutureExportWaterPayouts" xlink:label="ExpectedFutureExportWaterPayouts" xlink:title="ExpectedFutureExportWaterPayouts" />
    <link:label xlink:type="resource" xlink:label="pcyo_ExpectedFutureExportWaterPayouts_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_ExpectedFutureExportWaterPayouts_lbl" xml:lang="en-US" id="pcyo_ExpectedFutureExportWaterPayouts_lbl">The amount of expected future export water payouts.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExpectedFutureExportWaterPayouts" xlink:to="pcyo_ExpectedFutureExportWaterPayouts_lbl" xlink:title="label: ExpectedFutureExportWaterPayouts to pcyo_ExpectedFutureExportWaterPayouts_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_ExpectedFutureExportWaterPayouts_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_ExpectedFutureExportWaterPayouts_lbl1" xml:lang="en-US" id="pcyo_ExpectedFutureExportWaterPayouts_lbl1">Expected future export water payouts</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExpectedFutureExportWaterPayouts" xlink:to="pcyo_ExpectedFutureExportWaterPayouts_lbl1" xlink:title="label: ExpectedFutureExportWaterPayouts to pcyo_ExpectedFutureExportWaterPayouts_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_ExpectedFutureExportWaterPayouts_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_ExpectedFutureExportWaterPayouts_lbl2" xml:lang="en-US" id="pcyo_ExpectedFutureExportWaterPayouts_lbl2">Expected future export water payouts</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExpectedFutureExportWaterPayouts" xlink:to="pcyo_ExpectedFutureExportWaterPayouts_lbl2" xlink:title="label: ExpectedFutureExportWaterPayouts to pcyo_ExpectedFutureExportWaterPayouts_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_ExpectedFutureRevenueReceivableFromSaleOfExportWater" xlink:label="ExpectedFutureRevenueReceivableFromSaleOfExportWater" xlink:title="ExpectedFutureRevenueReceivableFromSaleOfExportWater" />
    <link:label xlink:type="resource" xlink:label="pcyo_ExpectedFutureRevenueReceivableFromSaleOfExportWater_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_ExpectedFutureRevenueReceivableFromSaleOfExportWater_lbl" xml:lang="en-US" id="pcyo_ExpectedFutureRevenueReceivableFromSaleOfExportWater_lbl">The expected amount of revenue receivable from the sale of export water.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExpectedFutureRevenueReceivableFromSaleOfExportWater" xlink:to="pcyo_ExpectedFutureRevenueReceivableFromSaleOfExportWater_lbl" xlink:title="label: ExpectedFutureRevenueReceivableFromSaleOfExportWater to pcyo_ExpectedFutureRevenueReceivableFromSaleOfExportWater_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_ExpectedFutureRevenueReceivableFromSaleOfExportWater_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_ExpectedFutureRevenueReceivableFromSaleOfExportWater_lbl1" xml:lang="en-US" id="pcyo_ExpectedFutureRevenueReceivableFromSaleOfExportWater_lbl1">Expected future Revenue Receivable from Sale of Export Water</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExpectedFutureRevenueReceivableFromSaleOfExportWater" xlink:to="pcyo_ExpectedFutureRevenueReceivableFromSaleOfExportWater_lbl1" xlink:title="label: ExpectedFutureRevenueReceivableFromSaleOfExportWater to pcyo_ExpectedFutureRevenueReceivableFromSaleOfExportWater_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_ExpectedFutureRevenueReceivableFromSaleOfExportWater_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_ExpectedFutureRevenueReceivableFromSaleOfExportWater_lbl2" xml:lang="en-US" id="pcyo_ExpectedFutureRevenueReceivableFromSaleOfExportWater_lbl2">Revenue receivables from sale of export water</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExpectedFutureRevenueReceivableFromSaleOfExportWater" xlink:to="pcyo_ExpectedFutureRevenueReceivableFromSaleOfExportWater_lbl2" xlink:title="label: ExpectedFutureRevenueReceivableFromSaleOfExportWater to pcyo_ExpectedFutureRevenueReceivableFromSaleOfExportWater_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_ExpectedProceedsFromSaleOfExportWaterAfterDeductionOfRoyalty" xlink:label="ExpectedProceedsFromSaleOfExportWaterAfterDeductionOfRoyalty" xlink:title="ExpectedProceedsFromSaleOfExportWaterAfterDeductionOfRoyalty" />
    <link:label xlink:type="resource" xlink:label="pcyo_ExpectedProceedsFromSaleOfExportWaterAfterDeductionOfRoyalty_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_ExpectedProceedsFromSaleOfExportWaterAfterDeductionOfRoyalty_lbl" xml:lang="en-US" id="pcyo_ExpectedProceedsFromSaleOfExportWaterAfterDeductionOfRoyalty_lbl">The amount of expected proceeds from sale of export water after deduction of Land Board Royalty.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExpectedProceedsFromSaleOfExportWaterAfterDeductionOfRoyalty" xlink:to="pcyo_ExpectedProceedsFromSaleOfExportWaterAfterDeductionOfRoyalty_lbl" xlink:title="label: ExpectedProceedsFromSaleOfExportWaterAfterDeductionOfRoyalty to pcyo_ExpectedProceedsFromSaleOfExportWaterAfterDeductionOfRoyalty_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_ExpectedProceedsFromSaleOfExportWaterAfterDeductionOfRoyalty_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_ExpectedProceedsFromSaleOfExportWaterAfterDeductionOfRoyalty_lbl1" xml:lang="en-US" id="pcyo_ExpectedProceedsFromSaleOfExportWaterAfterDeductionOfRoyalty_lbl1">Expected Proceeds from Sale of Export Water after Deduction of Royalty</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExpectedProceedsFromSaleOfExportWaterAfterDeductionOfRoyalty" xlink:to="pcyo_ExpectedProceedsFromSaleOfExportWaterAfterDeductionOfRoyalty_lbl1" xlink:title="label: ExpectedProceedsFromSaleOfExportWaterAfterDeductionOfRoyalty to pcyo_ExpectedProceedsFromSaleOfExportWaterAfterDeductionOfRoyalty_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_ExpectedProceedsFromSaleOfExportWaterAfterDeductionOfRoyalty_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_ExpectedProceedsFromSaleOfExportWaterAfterDeductionOfRoyalty_lbl2" xml:lang="en-US" id="pcyo_ExpectedProceedsFromSaleOfExportWaterAfterDeductionOfRoyalty_lbl2">Expected proceeds from sale of export water after deduction of Land Board royalty</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExpectedProceedsFromSaleOfExportWaterAfterDeductionOfRoyalty" xlink:to="pcyo_ExpectedProceedsFromSaleOfExportWaterAfterDeductionOfRoyalty_lbl2" xlink:title="label: ExpectedProceedsFromSaleOfExportWaterAfterDeductionOfRoyalty to pcyo_ExpectedProceedsFromSaleOfExportWaterAfterDeductionOfRoyalty_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_ExportWaterAbstract" xlink:label="ExportWaterAbstract" xlink:title="ExportWaterAbstract" />
    <link:label xlink:type="resource" xlink:label="pcyo_ExportWaterAbstract_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_ExportWaterAbstract_lbl1" xml:lang="en-US" id="pcyo_ExportWaterAbstract_lbl1">Export Water [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExportWaterAbstract" xlink:to="pcyo_ExportWaterAbstract_lbl1" xlink:title="label: ExportWaterAbstract to pcyo_ExportWaterAbstract_lbl1" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_InitialExportWaterProceedsAcquisitions" xlink:label="InitialExportWaterProceedsAcquisitions" xlink:title="InitialExportWaterProceedsAcquisitions" />
    <link:label xlink:type="resource" xlink:label="pcyo_InitialExportWaterProceedsAcquisitions_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_InitialExportWaterProceedsAcquisitions_lbl" xml:lang="en-US" id="pcyo_InitialExportWaterProceedsAcquisitions_lbl">Total proceeds from the sale of export water after payment of the Land Board royalty allocated through acquisitions during the period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InitialExportWaterProceedsAcquisitions" xlink:to="pcyo_InitialExportWaterProceedsAcquisitions_lbl" xlink:title="label: InitialExportWaterProceedsAcquisitions to pcyo_InitialExportWaterProceedsAcquisitions_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_InitialExportWaterProceedsAcquisitions_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_InitialExportWaterProceedsAcquisitions_lbl1" xml:lang="en-US" id="pcyo_InitialExportWaterProceedsAcquisitions_lbl1">Initial Export Water Proceeds, Acquisitions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InitialExportWaterProceedsAcquisitions" xlink:to="pcyo_InitialExportWaterProceedsAcquisitions_lbl1" xlink:title="label: InitialExportWaterProceedsAcquisitions to pcyo_InitialExportWaterProceedsAcquisitions_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_InitialExportWaterProceedsAcquisitions_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_InitialExportWaterProceedsAcquisitions_lbl2" xml:lang="en-US" id="pcyo_InitialExportWaterProceedsAcquisitions_lbl2">Acquisitions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InitialExportWaterProceedsAcquisitions" xlink:to="pcyo_InitialExportWaterProceedsAcquisitions_lbl2" xlink:title="label: InitialExportWaterProceedsAcquisitions to pcyo_InitialExportWaterProceedsAcquisitions_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_ExportWaterProceedsReceivedSalePayments" xlink:label="ExportWaterProceedsReceivedSalePayments" xlink:title="ExportWaterProceedsReceivedSalePayments" />
    <link:label xlink:type="resource" xlink:label="pcyo_ExportWaterProceedsReceivedSalePayments_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_ExportWaterProceedsReceivedSalePayments_lbl" xml:lang="en-US" id="pcyo_ExportWaterProceedsReceivedSalePayments_lbl">Export water proceeds received through export water sale payments during the period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExportWaterProceedsReceivedSalePayments" xlink:to="pcyo_ExportWaterProceedsReceivedSalePayments_lbl" xlink:title="label: ExportWaterProceedsReceivedSalePayments to pcyo_ExportWaterProceedsReceivedSalePayments_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_ExportWaterProceedsReceivedSalePayments_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_ExportWaterProceedsReceivedSalePayments_lbl1" xml:lang="en-US" id="pcyo_ExportWaterProceedsReceivedSalePayments_lbl1">Export water proceeds received, Sale Payments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExportWaterProceedsReceivedSalePayments" xlink:to="pcyo_ExportWaterProceedsReceivedSalePayments_lbl1" xlink:title="label: ExportWaterProceedsReceivedSalePayments to pcyo_ExportWaterProceedsReceivedSalePayments_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_ExportWaterProceedsReceivedSalePayments_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_ExportWaterProceedsReceivedSalePayments_lbl2" xml:lang="en-US" id="pcyo_ExportWaterProceedsReceivedSalePayments_lbl2">Export water sale payments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExportWaterProceedsReceivedSalePayments" xlink:to="pcyo_ExportWaterProceedsReceivedSalePayments_lbl2" xlink:title="label: ExportWaterProceedsReceivedSalePayments to pcyo_ExportWaterProceedsReceivedSalePayments_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_NumberOfOtherGovernmentalAndQuasiGovernmentalWaterProviders" xlink:label="NumberOfOtherGovernmentalAndQuasiGovernmentalWaterProviders" xlink:title="NumberOfOtherGovernmentalAndQuasiGovernmentalWaterProviders" />
    <link:label xlink:type="resource" xlink:label="pcyo_NumberOfOtherGovernmentalAndQuasiGovernmentalWaterProviders_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_NumberOfOtherGovernmentalAndQuasiGovernmentalWaterProviders_lbl" xml:lang="en-US" id="pcyo_NumberOfOtherGovernmentalAndQuasiGovernmentalWaterProviders_lbl">The number of other governmental or quassi governmental water providers member in SMWA.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfOtherGovernmentalAndQuasiGovernmentalWaterProviders" xlink:to="pcyo_NumberOfOtherGovernmentalAndQuasiGovernmentalWaterProviders_lbl" xlink:title="label: NumberOfOtherGovernmentalAndQuasiGovernmentalWaterProviders to pcyo_NumberOfOtherGovernmentalAndQuasiGovernmentalWaterProviders_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_NumberOfOtherGovernmentalAndQuasiGovernmentalWaterProviders_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_NumberOfOtherGovernmentalAndQuasiGovernmentalWaterProviders_lbl1" xml:lang="en-US" id="pcyo_NumberOfOtherGovernmentalAndQuasiGovernmentalWaterProviders_lbl1">Number of Other Governmental and Quasi-governmental Water Providers</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfOtherGovernmentalAndQuasiGovernmentalWaterProviders" xlink:to="pcyo_NumberOfOtherGovernmentalAndQuasiGovernmentalWaterProviders_lbl1" xlink:title="label: NumberOfOtherGovernmentalAndQuasiGovernmentalWaterProviders to pcyo_NumberOfOtherGovernmentalAndQuasiGovernmentalWaterProviders_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_NumberOfOtherGovernmentalAndQuasiGovernmentalWaterProviders_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_NumberOfOtherGovernmentalAndQuasiGovernmentalWaterProviders_lbl2" xml:lang="en-US" id="pcyo_NumberOfOtherGovernmentalAndQuasiGovernmentalWaterProviders_lbl2">Number of other governmental or quasi-governmental water providers</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfOtherGovernmentalAndQuasiGovernmentalWaterProviders" xlink:to="pcyo_NumberOfOtherGovernmentalAndQuasiGovernmentalWaterProviders_lbl2" xlink:title="label: NumberOfOtherGovernmentalAndQuasiGovernmentalWaterProviders to pcyo_NumberOfOtherGovernmentalAndQuasiGovernmentalWaterProviders_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_PotentialThirdPartyObligationArapahoeCountyTapFees" xlink:label="PotentialThirdPartyObligationArapahoeCountyTapFees" xlink:title="PotentialThirdPartyObligationArapahoeCountyTapFees" />
    <link:label xlink:type="resource" xlink:label="pcyo_PotentialThirdPartyObligationArapahoeCountyTapFees_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_PotentialThirdPartyObligationArapahoeCountyTapFees_lbl" xml:lang="en-US" id="pcyo_PotentialThirdPartyObligationArapahoeCountyTapFees_lbl">Total potential third-party obligation through tap fees during the period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PotentialThirdPartyObligationArapahoeCountyTapFees" xlink:to="pcyo_PotentialThirdPartyObligationArapahoeCountyTapFees_lbl" xlink:title="label: PotentialThirdPartyObligationArapahoeCountyTapFees to pcyo_PotentialThirdPartyObligationArapahoeCountyTapFees_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_PotentialThirdPartyObligationArapahoeCountyTapFees_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_PotentialThirdPartyObligationArapahoeCountyTapFees_lbl1" xml:lang="en-US" id="pcyo_PotentialThirdPartyObligationArapahoeCountyTapFees_lbl1">Potential Third-Party Obligation, Arapahoe County tap fees</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PotentialThirdPartyObligationArapahoeCountyTapFees" xlink:to="pcyo_PotentialThirdPartyObligationArapahoeCountyTapFees_lbl1" xlink:title="label: PotentialThirdPartyObligationArapahoeCountyTapFees to pcyo_PotentialThirdPartyObligationArapahoeCountyTapFees_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_PotentialThirdPartyObligationArapahoeCountyTapFees_lbl2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="pcyo_PotentialThirdPartyObligationArapahoeCountyTapFees_lbl2" xml:lang="en-US" id="pcyo_PotentialThirdPartyObligationArapahoeCountyTapFees_lbl2">Arapahoe County tap fees</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PotentialThirdPartyObligationArapahoeCountyTapFees" xlink:to="pcyo_PotentialThirdPartyObligationArapahoeCountyTapFees_lbl2" xlink:title="label: PotentialThirdPartyObligationArapahoeCountyTapFees to pcyo_PotentialThirdPartyObligationArapahoeCountyTapFees_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_PotentialThirdPartyObligationBalances" xlink:label="PotentialThirdPartyObligationBalances" xlink:title="PotentialThirdPartyObligationBalances" />
    <link:label xlink:type="resource" xlink:label="pcyo_PotentialThirdPartyObligationBalances_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_PotentialThirdPartyObligationBalances_lbl" xml:lang="en-US" id="pcyo_PotentialThirdPartyObligationBalances_lbl">Potential third-party obligation as of the balance sheet date.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PotentialThirdPartyObligationBalances" xlink:to="pcyo_PotentialThirdPartyObligationBalances_lbl" xlink:title="label: PotentialThirdPartyObligationBalances to pcyo_PotentialThirdPartyObligationBalances_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_PotentialThirdPartyObligationBalances_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_PotentialThirdPartyObligationBalances_lbl1" xml:lang="en-US" id="pcyo_PotentialThirdPartyObligationBalances_lbl1">Potential Third-Party Obligation, Balances</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PotentialThirdPartyObligationBalances" xlink:to="pcyo_PotentialThirdPartyObligationBalances_lbl1" xlink:title="label: PotentialThirdPartyObligationBalances to pcyo_PotentialThirdPartyObligationBalances_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_PotentialThirdPartyObligationBalances_lbl2" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="pcyo_PotentialThirdPartyObligationBalances_lbl2" xml:lang="en-US" id="pcyo_PotentialThirdPartyObligationBalances_lbl2">Balance at beginning of period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PotentialThirdPartyObligationBalances" xlink:to="pcyo_PotentialThirdPartyObligationBalances_lbl2" xlink:title="label: PotentialThirdPartyObligationBalances to pcyo_PotentialThirdPartyObligationBalances_lbl2" />
    <link:label xlink:type="resource" xlink:label="pcyo_PotentialThirdPartyObligationBalances_lbl3" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="pcyo_PotentialThirdPartyObligationBalances_lbl3" xml:lang="en-US" id="pcyo_PotentialThirdPartyObligationBalances_lbl3">Balance at end of period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PotentialThirdPartyObligationBalances" xlink:to="pcyo_PotentialThirdPartyObligationBalances_lbl3" xlink:title="label: PotentialThirdPartyObligationBalances to pcyo_PotentialThirdPartyObligationBalances_lbl3" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_PotentialThirdPartyObligationOptionPaymentsSkyRanchAndTheHillsAtSkyRanch" xlink:label="PotentialThirdPartyObligationOptionPaymentsSkyRanchAndTheHillsAtSkyRanch" xlink:title="PotentialThirdPartyObligationOptionPaymentsSkyRanchAndTheHillsAtSkyRanch" />
    <link:label xlink:type="resource" xlink:label="pcyo_PotentialThirdPartyObligationOptionPaymentsSkyRanchAndTheHillsAtSkyRanch_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_PotentialThirdPartyObligationOptionPaymentsSkyRanchAndTheHillsAtSkyRanch_lbl" xml:lang="en-US" id="pcyo_PotentialThirdPartyObligationOptionPaymentsSkyRanchAndTheHillsAtSkyRanch_lbl">Total potential third-party obligation through option payments during the period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PotentialThirdPartyObligationOptionPaymentsSkyRanchAndTheHillsAtSkyRanch" xlink:to="pcyo_PotentialThirdPartyObligationOptionPaymentsSkyRanchAndTheHillsAtSkyRanch_lbl" xlink:title="label: PotentialThirdPartyObligationOptionPaymentsSkyRanchAndTheHillsAtSkyRanch to pcyo_PotentialThirdPartyObligationOptionPaymentsSkyRanchAndTheHillsAtSkyRanch_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_PotentialThirdPartyObligationOptionPaymentsSkyRanchAndTheHillsAtSkyRanch_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_PotentialThirdPartyObligationOptionPaymentsSkyRanchAndTheHillsAtSkyRanch_lbl1" xml:lang="en-US" id="pcyo_PotentialThirdPartyObligationOptionPaymentsSkyRanchAndTheHillsAtSkyRanch_lbl1">Potential Third-Party Obligation,, Option payments - Sky Ranch and The Hills at Sky Ranch</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PotentialThirdPartyObligationOptionPaymentsSkyRanchAndTheHillsAtSkyRanch" xlink:to="pcyo_PotentialThirdPartyObligationOptionPaymentsSkyRanchAndTheHillsAtSkyRanch_lbl1" xlink:title="label: PotentialThirdPartyObligationOptionPaymentsSkyRanchAndTheHillsAtSkyRanch to pcyo_PotentialThirdPartyObligationOptionPaymentsSkyRanchAndTheHillsAtSkyRanch_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_PotentialThirdPartyObligationOptionPaymentsSkyRanchAndTheHillsAtSkyRanch_lbl2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="pcyo_PotentialThirdPartyObligationOptionPaymentsSkyRanchAndTheHillsAtSkyRanch_lbl2" xml:lang="en-US" id="pcyo_PotentialThirdPartyObligationOptionPaymentsSkyRanchAndTheHillsAtSkyRanch_lbl2">Option payments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PotentialThirdPartyObligationOptionPaymentsSkyRanchAndTheHillsAtSkyRanch" xlink:to="pcyo_PotentialThirdPartyObligationOptionPaymentsSkyRanchAndTheHillsAtSkyRanch_lbl2" xlink:title="label: PotentialThirdPartyObligationOptionPaymentsSkyRanchAndTheHillsAtSkyRanch to pcyo_PotentialThirdPartyObligationOptionPaymentsSkyRanchAndTheHillsAtSkyRanch_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_TotalPotentialThirdPartyObligationExportWaterSalePayments" xlink:label="TotalPotentialThirdPartyObligationExportWaterSalePayments" xlink:title="TotalPotentialThirdPartyObligationExportWaterSalePayments" />
    <link:label xlink:type="resource" xlink:label="pcyo_TotalPotentialThirdPartyObligationExportWaterSalePayments_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_TotalPotentialThirdPartyObligationExportWaterSalePayments_lbl" xml:lang="en-US" id="pcyo_TotalPotentialThirdPartyObligationExportWaterSalePayments_lbl">Total potential third-party obligation through export water sale payments during the period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TotalPotentialThirdPartyObligationExportWaterSalePayments" xlink:to="pcyo_TotalPotentialThirdPartyObligationExportWaterSalePayments_lbl" xlink:title="label: TotalPotentialThirdPartyObligationExportWaterSalePayments to pcyo_TotalPotentialThirdPartyObligationExportWaterSalePayments_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_TotalPotentialThirdPartyObligationExportWaterSalePayments_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_TotalPotentialThirdPartyObligationExportWaterSalePayments_lbl1" xml:lang="en-US" id="pcyo_TotalPotentialThirdPartyObligationExportWaterSalePayments_lbl1">Total Potential Third-Party Obligation, Export Water sale payments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TotalPotentialThirdPartyObligationExportWaterSalePayments" xlink:to="pcyo_TotalPotentialThirdPartyObligationExportWaterSalePayments_lbl1" xlink:title="label: TotalPotentialThirdPartyObligationExportWaterSalePayments to pcyo_TotalPotentialThirdPartyObligationExportWaterSalePayments_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_TotalPotentialThirdPartyObligationExportWaterSalePayments_lbl2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="pcyo_TotalPotentialThirdPartyObligationExportWaterSalePayments_lbl2" xml:lang="en-US" id="pcyo_TotalPotentialThirdPartyObligationExportWaterSalePayments_lbl2">Export water sale payments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TotalPotentialThirdPartyObligationExportWaterSalePayments" xlink:to="pcyo_TotalPotentialThirdPartyObligationExportWaterSalePayments_lbl2" xlink:title="label: TotalPotentialThirdPartyObligationExportWaterSalePayments to pcyo_TotalPotentialThirdPartyObligationExportWaterSalePayments_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_TotalPotentialThirdPartyObligationAcquisitions" xlink:label="TotalPotentialThirdPartyObligationAcquisitions" xlink:title="TotalPotentialThirdPartyObligationAcquisitions" />
    <link:label xlink:type="resource" xlink:label="pcyo_TotalPotentialThirdPartyObligationAcquisitions_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_TotalPotentialThirdPartyObligationAcquisitions_lbl" xml:lang="en-US" id="pcyo_TotalPotentialThirdPartyObligationAcquisitions_lbl">Total potential third-party obligation through acquisitions during the period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TotalPotentialThirdPartyObligationAcquisitions" xlink:to="pcyo_TotalPotentialThirdPartyObligationAcquisitions_lbl" xlink:title="label: TotalPotentialThirdPartyObligationAcquisitions to pcyo_TotalPotentialThirdPartyObligationAcquisitions_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_TotalPotentialThirdPartyObligationAcquisitions_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_TotalPotentialThirdPartyObligationAcquisitions_lbl1" xml:lang="en-US" id="pcyo_TotalPotentialThirdPartyObligationAcquisitions_lbl1">Total Potential Third-Party Obligation, Acquisitions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TotalPotentialThirdPartyObligationAcquisitions" xlink:to="pcyo_TotalPotentialThirdPartyObligationAcquisitions_lbl1" xlink:title="label: TotalPotentialThirdPartyObligationAcquisitions to pcyo_TotalPotentialThirdPartyObligationAcquisitions_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_TotalPotentialThirdPartyObligationAcquisitions_lbl2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="pcyo_TotalPotentialThirdPartyObligationAcquisitions_lbl2" xml:lang="en-US" id="pcyo_TotalPotentialThirdPartyObligationAcquisitions_lbl2">Acquisitions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TotalPotentialThirdPartyObligationAcquisitions" xlink:to="pcyo_TotalPotentialThirdPartyObligationAcquisitions_lbl2" xlink:title="label: TotalPotentialThirdPartyObligationAcquisitions to pcyo_TotalPotentialThirdPartyObligationAcquisitions_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_PotentialThirdPartyObligationRelinquishment" xlink:label="PotentialThirdPartyObligationRelinquishment" xlink:title="PotentialThirdPartyObligationRelinquishment" />
    <link:label xlink:type="resource" xlink:label="pcyo_PotentialThirdPartyObligationRelinquishment_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_PotentialThirdPartyObligationRelinquishment_lbl" xml:lang="en-US" id="pcyo_PotentialThirdPartyObligationRelinquishment_lbl">Total potential third-party obligation through relinquishment during the period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PotentialThirdPartyObligationRelinquishment" xlink:to="pcyo_PotentialThirdPartyObligationRelinquishment_lbl" xlink:title="label: PotentialThirdPartyObligationRelinquishment to pcyo_PotentialThirdPartyObligationRelinquishment_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_PotentialThirdPartyObligationRelinquishment_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_PotentialThirdPartyObligationRelinquishment_lbl1" xml:lang="en-US" id="pcyo_PotentialThirdPartyObligationRelinquishment_lbl1">Potential Third-Party Obligation, Relinquishment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PotentialThirdPartyObligationRelinquishment" xlink:to="pcyo_PotentialThirdPartyObligationRelinquishment_lbl1" xlink:title="label: PotentialThirdPartyObligationRelinquishment to pcyo_PotentialThirdPartyObligationRelinquishment_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_PotentialThirdPartyObligationRelinquishment_lbl2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="pcyo_PotentialThirdPartyObligationRelinquishment_lbl2" xml:lang="en-US" id="pcyo_PotentialThirdPartyObligationRelinquishment_lbl2">Relinquishment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PotentialThirdPartyObligationRelinquishment" xlink:to="pcyo_PotentialThirdPartyObligationRelinquishment_lbl2" xlink:title="label: PotentialThirdPartyObligationRelinquishment to pcyo_PotentialThirdPartyObligationRelinquishment_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_TotalPotentialThirdPartyObligationRollForward" xlink:label="TotalPotentialThirdPartyObligationRollForward" xlink:title="TotalPotentialThirdPartyObligationRollForward" />
    <link:label xlink:type="resource" xlink:label="pcyo_TotalPotentialThirdPartyObligationRollForward_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_TotalPotentialThirdPartyObligationRollForward_lbl" xml:lang="en-US" id="pcyo_TotalPotentialThirdPartyObligationRollForward_lbl">A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TotalPotentialThirdPartyObligationRollForward" xlink:to="pcyo_TotalPotentialThirdPartyObligationRollForward_lbl" xlink:title="label: TotalPotentialThirdPartyObligationRollForward to pcyo_TotalPotentialThirdPartyObligationRollForward_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_TotalPotentialThirdPartyObligationRollForward_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_TotalPotentialThirdPartyObligationRollForward_lbl1" xml:lang="en-US" id="pcyo_TotalPotentialThirdPartyObligationRollForward_lbl1">Total Potential Third-Party Obligation [Roll Forward]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TotalPotentialThirdPartyObligationRollForward" xlink:to="pcyo_TotalPotentialThirdPartyObligationRollForward_lbl1" xlink:title="label: TotalPotentialThirdPartyObligationRollForward to pcyo_TotalPotentialThirdPartyObligationRollForward_lbl1" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_WisePartnershipMember" xlink:label="WisePartnershipMember" xlink:title="WisePartnershipMember" />
    <link:label xlink:type="resource" xlink:label="pcyo_WisePartnershipMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_WisePartnershipMember_lbl" xml:lang="en-US" id="pcyo_WisePartnershipMember_lbl">Partnership Agreement which provides right to purchase of certain infrastructure (i.e., pipelines, water storage facilities, water treatment facilities, and other appurtenant facilities) to deliver water.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WisePartnershipMember" xlink:to="pcyo_WisePartnershipMember_lbl" xlink:title="label: WisePartnershipMember to pcyo_WisePartnershipMember_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_WisePartnershipMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_WisePartnershipMember_lbl1" xml:lang="en-US" id="pcyo_WisePartnershipMember_lbl1">WISE Partnership [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WisePartnershipMember" xlink:to="pcyo_WisePartnershipMember_lbl1" xlink:title="label: WisePartnershipMember to pcyo_WisePartnershipMember_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_WisePartnershipMember_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_WisePartnershipMember_lbl2" xml:lang="en-US" id="pcyo_WisePartnershipMember_lbl2">WISE Partnership [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WisePartnershipMember" xlink:to="pcyo_WisePartnershipMember_lbl2" xlink:title="label: WisePartnershipMember to pcyo_WisePartnershipMember_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_WaterAndWastewaterServicesMember" xlink:label="WaterAndWastewaterServicesMember" xlink:title="WaterAndWastewaterServicesMember" />
    <link:label xlink:type="resource" xlink:label="pcyo_WaterAndWastewaterServicesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_WaterAndWastewaterServicesMember_lbl" xml:lang="en-US" id="pcyo_WaterAndWastewaterServicesMember_lbl">The services related to water and wastewater treatment.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WaterAndWastewaterServicesMember" xlink:to="pcyo_WaterAndWastewaterServicesMember_lbl" xlink:title="label: WaterAndWastewaterServicesMember to pcyo_WaterAndWastewaterServicesMember_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_WaterAndWastewaterServicesMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_WaterAndWastewaterServicesMember_lbl1" xml:lang="en-US" id="pcyo_WaterAndWastewaterServicesMember_lbl1">Water and Wastewater Services [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WaterAndWastewaterServicesMember" xlink:to="pcyo_WaterAndWastewaterServicesMember_lbl1" xlink:title="label: WaterAndWastewaterServicesMember to pcyo_WaterAndWastewaterServicesMember_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_WaterAndWastewaterServicesMember_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_WaterAndWastewaterServicesMember_lbl2" xml:lang="en-US" id="pcyo_WaterAndWastewaterServicesMember_lbl2">Water and Wastewater Services [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WaterAndWastewaterServicesMember" xlink:to="pcyo_WaterAndWastewaterServicesMember_lbl2" xlink:title="label: WaterAndWastewaterServicesMember to pcyo_WaterAndWastewaterServicesMember_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_SouthMetroWiseAuthorityMember" xlink:label="SouthMetroWiseAuthorityMember" xlink:title="SouthMetroWiseAuthorityMember" />
    <link:label xlink:type="resource" xlink:label="pcyo_SouthMetroWiseAuthorityMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_SouthMetroWiseAuthorityMember_lbl" xml:lang="en-US" id="pcyo_SouthMetroWiseAuthorityMember_lbl">Formed by Rangeview 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 "SM IGA"), to enable the members of SMWA to participate in the regional water supply project known as the Water Infrastructure Supply Efficiency partnership ("WISE") created by the WISE Partnership Agreement.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SouthMetroWiseAuthorityMember" xlink:to="pcyo_SouthMetroWiseAuthorityMember_lbl" xlink:title="label: SouthMetroWiseAuthorityMember to pcyo_SouthMetroWiseAuthorityMember_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_SouthMetroWiseAuthorityMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_SouthMetroWiseAuthorityMember_lbl1" xml:lang="en-US" id="pcyo_SouthMetroWiseAuthorityMember_lbl1">South Metro Wise Authority [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SouthMetroWiseAuthorityMember" xlink:to="pcyo_SouthMetroWiseAuthorityMember_lbl1" xlink:title="label: SouthMetroWiseAuthorityMember to pcyo_SouthMetroWiseAuthorityMember_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_SouthMetroWiseAuthorityMember_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_SouthMetroWiseAuthorityMember_lbl2" xml:lang="en-US" id="pcyo_SouthMetroWiseAuthorityMember_lbl2">SMWA [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SouthMetroWiseAuthorityMember" xlink:to="pcyo_SouthMetroWiseAuthorityMember_lbl2" xlink:title="label: SouthMetroWiseAuthorityMember to pcyo_SouthMetroWiseAuthorityMember_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_InitialExportWaterProceedsRelinquishment" xlink:label="InitialExportWaterProceedsRelinquishment" xlink:title="InitialExportWaterProceedsRelinquishment" />
    <link:label xlink:type="resource" xlink:label="pcyo_InitialExportWaterProceedsRelinquishment_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_InitialExportWaterProceedsRelinquishment_lbl" xml:lang="en-US" id="pcyo_InitialExportWaterProceedsRelinquishment_lbl">Total proceeds from the sale of export water after payment of the Land Board royalty allocated through relinquishment during the period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InitialExportWaterProceedsRelinquishment" xlink:to="pcyo_InitialExportWaterProceedsRelinquishment_lbl" xlink:title="label: InitialExportWaterProceedsRelinquishment to pcyo_InitialExportWaterProceedsRelinquishment_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_InitialExportWaterProceedsRelinquishment_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_InitialExportWaterProceedsRelinquishment_lbl1" xml:lang="en-US" id="pcyo_InitialExportWaterProceedsRelinquishment_lbl1">Initial Export Water Proceeds, Relinquishment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InitialExportWaterProceedsRelinquishment" xlink:to="pcyo_InitialExportWaterProceedsRelinquishment_lbl1" xlink:title="label: InitialExportWaterProceedsRelinquishment to pcyo_InitialExportWaterProceedsRelinquishment_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_InitialExportWaterProceedsRelinquishment_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_InitialExportWaterProceedsRelinquishment_lbl2" xml:lang="en-US" id="pcyo_InitialExportWaterProceedsRelinquishment_lbl2">Relinquishment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InitialExportWaterProceedsRelinquishment" xlink:to="pcyo_InitialExportWaterProceedsRelinquishment_lbl2" xlink:title="label: InitialExportWaterProceedsRelinquishment to pcyo_InitialExportWaterProceedsRelinquishment_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_PercentageOfPaymentRemittedToCAAHoldersAllocatedToContingentObligation" xlink:label="PercentageOfPaymentRemittedToCAAHoldersAllocatedToContingentObligation" xlink:title="PercentageOfPaymentRemittedToCAAHoldersAllocatedToContingentObligation" />
    <link:label xlink:type="resource" xlink:label="pcyo_PercentageOfPaymentRemittedToCAAHoldersAllocatedToContingentObligation_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_PercentageOfPaymentRemittedToCAAHoldersAllocatedToContingentObligation_lbl" xml:lang="en-US" id="pcyo_PercentageOfPaymentRemittedToCAAHoldersAllocatedToContingentObligation_lbl">The percentage of each payment remitted to CAA holders allocated to the contingent obligation.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfPaymentRemittedToCAAHoldersAllocatedToContingentObligation" xlink:to="pcyo_PercentageOfPaymentRemittedToCAAHoldersAllocatedToContingentObligation_lbl" xlink:title="label: PercentageOfPaymentRemittedToCAAHoldersAllocatedToContingentObligation to pcyo_PercentageOfPaymentRemittedToCAAHoldersAllocatedToContingentObligation_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_PercentageOfPaymentRemittedToCAAHoldersAllocatedToContingentObligation_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_PercentageOfPaymentRemittedToCAAHoldersAllocatedToContingentObligation_lbl1" xml:lang="en-US" id="pcyo_PercentageOfPaymentRemittedToCAAHoldersAllocatedToContingentObligation_lbl1">Percentage of Payment Remitted to CAA Holders Allocated to Contingent Obligation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfPaymentRemittedToCAAHoldersAllocatedToContingentObligation" xlink:to="pcyo_PercentageOfPaymentRemittedToCAAHoldersAllocatedToContingentObligation_lbl1" xlink:title="label: PercentageOfPaymentRemittedToCAAHoldersAllocatedToContingentObligation to pcyo_PercentageOfPaymentRemittedToCAAHoldersAllocatedToContingentObligation_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_PercentageOfPaymentRemittedToCAAHoldersAllocatedToContingentObligation_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_PercentageOfPaymentRemittedToCAAHoldersAllocatedToContingentObligation_lbl2" xml:lang="en-US" id="pcyo_PercentageOfPaymentRemittedToCAAHoldersAllocatedToContingentObligation_lbl2">Percentage of payment remitted to CAA holders allocated to contingent obligation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfPaymentRemittedToCAAHoldersAllocatedToContingentObligation" xlink:to="pcyo_PercentageOfPaymentRemittedToCAAHoldersAllocatedToContingentObligation_lbl2" xlink:title="label: PercentageOfPaymentRemittedToCAAHoldersAllocatedToContingentObligation to pcyo_PercentageOfPaymentRemittedToCAAHoldersAllocatedToContingentObligation_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_InitialExportWaterProceedsOptionPayments" xlink:label="InitialExportWaterProceedsOptionPayments" xlink:title="InitialExportWaterProceedsOptionPayments" />
    <link:label xlink:type="resource" xlink:label="pcyo_InitialExportWaterProceedsOptionPayments_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_InitialExportWaterProceedsOptionPayments_lbl" xml:lang="en-US" id="pcyo_InitialExportWaterProceedsOptionPayments_lbl">Total proceeds from the sale of export water after payment of the Land Board royalty allocated through option payments during the period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InitialExportWaterProceedsOptionPayments" xlink:to="pcyo_InitialExportWaterProceedsOptionPayments_lbl" xlink:title="label: InitialExportWaterProceedsOptionPayments to pcyo_InitialExportWaterProceedsOptionPayments_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_InitialExportWaterProceedsOptionPayments_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_InitialExportWaterProceedsOptionPayments_lbl1" xml:lang="en-US" id="pcyo_InitialExportWaterProceedsOptionPayments_lbl1">Initial Export Water Proceeds, Option payments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InitialExportWaterProceedsOptionPayments" xlink:to="pcyo_InitialExportWaterProceedsOptionPayments_lbl1" xlink:title="label: InitialExportWaterProceedsOptionPayments to pcyo_InitialExportWaterProceedsOptionPayments_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_InitialExportWaterProceedsOptionPayments_lbl2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="pcyo_InitialExportWaterProceedsOptionPayments_lbl2" xml:lang="en-US" id="pcyo_InitialExportWaterProceedsOptionPayments_lbl2">Option payments - Sky Ranch and The Hills at Sky Ranch</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InitialExportWaterProceedsOptionPayments" xlink:to="pcyo_InitialExportWaterProceedsOptionPayments_lbl2" xlink:title="label: InitialExportWaterProceedsOptionPayments to pcyo_InitialExportWaterProceedsOptionPayments_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_InitialExportWaterProceedsTapFee" xlink:label="InitialExportWaterProceedsTapFee" xlink:title="InitialExportWaterProceedsTapFee" />
    <link:label xlink:type="resource" xlink:label="pcyo_InitialExportWaterProceedsTapFee_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_InitialExportWaterProceedsTapFee_lbl" xml:lang="en-US" id="pcyo_InitialExportWaterProceedsTapFee_lbl">Total proceeds from the sale of export water after payment of the Land Board royalty allocated through tap fees during the period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InitialExportWaterProceedsTapFee" xlink:to="pcyo_InitialExportWaterProceedsTapFee_lbl" xlink:title="label: InitialExportWaterProceedsTapFee to pcyo_InitialExportWaterProceedsTapFee_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_InitialExportWaterProceedsTapFee_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_InitialExportWaterProceedsTapFee_lbl1" xml:lang="en-US" id="pcyo_InitialExportWaterProceedsTapFee_lbl1">Initial Export Water Proceeds, Tap fee</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InitialExportWaterProceedsTapFee" xlink:to="pcyo_InitialExportWaterProceedsTapFee_lbl1" xlink:title="label: InitialExportWaterProceedsTapFee to pcyo_InitialExportWaterProceedsTapFee_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_InitialExportWaterProceedsTapFee_lbl2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="pcyo_InitialExportWaterProceedsTapFee_lbl2" xml:lang="en-US" id="pcyo_InitialExportWaterProceedsTapFee_lbl2">Arapahoe County tap fees</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InitialExportWaterProceedsTapFee" xlink:to="pcyo_InitialExportWaterProceedsTapFee_lbl2" xlink:title="label: InitialExportWaterProceedsTapFee to pcyo_InitialExportWaterProceedsTapFee_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_ExportWaterProceedsReceivedAcquisitions" xlink:label="ExportWaterProceedsReceivedAcquisitions" xlink:title="ExportWaterProceedsReceivedAcquisitions" />
    <link:label xlink:type="resource" xlink:label="pcyo_ExportWaterProceedsReceivedAcquisitions_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_ExportWaterProceedsReceivedAcquisitions_lbl" xml:lang="en-US" id="pcyo_ExportWaterProceedsReceivedAcquisitions_lbl">Export water proceeds received through acquisitions during the period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExportWaterProceedsReceivedAcquisitions" xlink:to="pcyo_ExportWaterProceedsReceivedAcquisitions_lbl" xlink:title="label: ExportWaterProceedsReceivedAcquisitions to pcyo_ExportWaterProceedsReceivedAcquisitions_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_ExportWaterProceedsReceivedAcquisitions_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_ExportWaterProceedsReceivedAcquisitions_lbl1" xml:lang="en-US" id="pcyo_ExportWaterProceedsReceivedAcquisitions_lbl1">Export water proceeds received, Acquisitions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExportWaterProceedsReceivedAcquisitions" xlink:to="pcyo_ExportWaterProceedsReceivedAcquisitions_lbl1" xlink:title="label: ExportWaterProceedsReceivedAcquisitions to pcyo_ExportWaterProceedsReceivedAcquisitions_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_ExportWaterProceedsReceivedAcquisitions_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_ExportWaterProceedsReceivedAcquisitions_lbl2" xml:lang="en-US" id="pcyo_ExportWaterProceedsReceivedAcquisitions_lbl2">Acquisitions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExportWaterProceedsReceivedAcquisitions" xlink:to="pcyo_ExportWaterProceedsReceivedAcquisitions_lbl2" xlink:title="label: ExportWaterProceedsReceivedAcquisitions to pcyo_ExportWaterProceedsReceivedAcquisitions_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_NumberOfMembersToDeliverWater" xlink:label="NumberOfMembersToDeliverWater" xlink:title="NumberOfMembersToDeliverWater" />
    <link:label xlink:type="resource" xlink:label="pcyo_NumberOfMembersToDeliverWater_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_NumberOfMembersToDeliverWater_lbl" xml:lang="en-US" id="pcyo_NumberOfMembersToDeliverWater_lbl">The number of members to deliver water of the SMWA, Denver Water and Aurora Water.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfMembersToDeliverWater" xlink:to="pcyo_NumberOfMembersToDeliverWater_lbl" xlink:title="label: NumberOfMembersToDeliverWater to pcyo_NumberOfMembersToDeliverWater_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_NumberOfMembersToDeliverWater_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_NumberOfMembersToDeliverWater_lbl1" xml:lang="en-US" id="pcyo_NumberOfMembersToDeliverWater_lbl1">Number of Members to Deliver Water</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfMembersToDeliverWater" xlink:to="pcyo_NumberOfMembersToDeliverWater_lbl1" xlink:title="label: NumberOfMembersToDeliverWater to pcyo_NumberOfMembersToDeliverWater_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_NumberOfMembersToDeliverWater_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_NumberOfMembersToDeliverWater_lbl2" xml:lang="en-US" id="pcyo_NumberOfMembersToDeliverWater_lbl2">Number of members</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfMembersToDeliverWater" xlink:to="pcyo_NumberOfMembersToDeliverWater_lbl2" xlink:title="label: NumberOfMembersToDeliverWater to pcyo_NumberOfMembersToDeliverWater_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_ParticipatingInterestsLiabilityRelinquishment" xlink:label="ParticipatingInterestsLiabilityRelinquishment" xlink:title="ParticipatingInterestsLiabilityRelinquishment" />
    <link:label xlink:type="resource" xlink:label="pcyo_ParticipatingInterestsLiabilityRelinquishment_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_ParticipatingInterestsLiabilityRelinquishment_lbl" xml:lang="en-US" id="pcyo_ParticipatingInterestsLiabilityRelinquishment_lbl">Participating interests liability through relinquishment during the period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ParticipatingInterestsLiabilityRelinquishment" xlink:to="pcyo_ParticipatingInterestsLiabilityRelinquishment_lbl" xlink:title="label: ParticipatingInterestsLiabilityRelinquishment to pcyo_ParticipatingInterestsLiabilityRelinquishment_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_ParticipatingInterestsLiabilityRelinquishment_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_ParticipatingInterestsLiabilityRelinquishment_lbl1" xml:lang="en-US" id="pcyo_ParticipatingInterestsLiabilityRelinquishment_lbl1">Participating Interests Liability, Relinquishment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ParticipatingInterestsLiabilityRelinquishment" xlink:to="pcyo_ParticipatingInterestsLiabilityRelinquishment_lbl1" xlink:title="label: ParticipatingInterestsLiabilityRelinquishment to pcyo_ParticipatingInterestsLiabilityRelinquishment_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_ParticipatingInterestsLiabilityRelinquishment_lbl2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="pcyo_ParticipatingInterestsLiabilityRelinquishment_lbl2" xml:lang="en-US" id="pcyo_ParticipatingInterestsLiabilityRelinquishment_lbl2">Relinquishment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ParticipatingInterestsLiabilityRelinquishment" xlink:to="pcyo_ParticipatingInterestsLiabilityRelinquishment_lbl2" xlink:title="label: ParticipatingInterestsLiabilityRelinquishment to pcyo_ParticipatingInterestsLiabilityRelinquishment_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_PercentageOfNetProceedsFromSaleOfExportWaterAllocated" xlink:label="PercentageOfNetProceedsFromSaleOfExportWaterAllocated" xlink:title="PercentageOfNetProceedsFromSaleOfExportWaterAllocated" />
    <link:label xlink:type="resource" xlink:label="pcyo_PercentageOfNetProceedsFromSaleOfExportWaterAllocated_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_PercentageOfNetProceedsFromSaleOfExportWaterAllocated_lbl" xml:lang="en-US" id="pcyo_PercentageOfNetProceedsFromSaleOfExportWaterAllocated_lbl">The percentage of net proceeds of export water allocated after payment of land board royalty.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfNetProceedsFromSaleOfExportWaterAllocated" xlink:to="pcyo_PercentageOfNetProceedsFromSaleOfExportWaterAllocated_lbl" xlink:title="label: PercentageOfNetProceedsFromSaleOfExportWaterAllocated to pcyo_PercentageOfNetProceedsFromSaleOfExportWaterAllocated_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_PercentageOfNetProceedsFromSaleOfExportWaterAllocated_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_PercentageOfNetProceedsFromSaleOfExportWaterAllocated_lbl1" xml:lang="en-US" id="pcyo_PercentageOfNetProceedsFromSaleOfExportWaterAllocated_lbl1">Percentage of Net Proceeds from Sale of Export Water Allocated</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfNetProceedsFromSaleOfExportWaterAllocated" xlink:to="pcyo_PercentageOfNetProceedsFromSaleOfExportWaterAllocated_lbl1" xlink:title="label: PercentageOfNetProceedsFromSaleOfExportWaterAllocated to pcyo_PercentageOfNetProceedsFromSaleOfExportWaterAllocated_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_PercentageOfNetProceedsFromSaleOfExportWaterAllocated_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_PercentageOfNetProceedsFromSaleOfExportWaterAllocated_lbl2" xml:lang="en-US" id="pcyo_PercentageOfNetProceedsFromSaleOfExportWaterAllocated_lbl2">Percentage of net proceeds from sale of export water allocated</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfNetProceedsFromSaleOfExportWaterAllocated" xlink:to="pcyo_PercentageOfNetProceedsFromSaleOfExportWaterAllocated_lbl2" xlink:title="label: PercentageOfNetProceedsFromSaleOfExportWaterAllocated to pcyo_PercentageOfNetProceedsFromSaleOfExportWaterAllocated_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_ParticipatingInterestsLiabilityExportWaterSalePayments" xlink:label="ParticipatingInterestsLiabilityExportWaterSalePayments" xlink:title="ParticipatingInterestsLiabilityExportWaterSalePayments" />
    <link:label xlink:type="resource" xlink:label="pcyo_ParticipatingInterestsLiabilityExportWaterSalePayments_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_ParticipatingInterestsLiabilityExportWaterSalePayments_lbl" xml:lang="en-US" id="pcyo_ParticipatingInterestsLiabilityExportWaterSalePayments_lbl">Participating interests liability through export water sale payments during the period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ParticipatingInterestsLiabilityExportWaterSalePayments" xlink:to="pcyo_ParticipatingInterestsLiabilityExportWaterSalePayments_lbl" xlink:title="label: ParticipatingInterestsLiabilityExportWaterSalePayments to pcyo_ParticipatingInterestsLiabilityExportWaterSalePayments_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_ParticipatingInterestsLiabilityExportWaterSalePayments_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_ParticipatingInterestsLiabilityExportWaterSalePayments_lbl1" xml:lang="en-US" id="pcyo_ParticipatingInterestsLiabilityExportWaterSalePayments_lbl1">Participating Interests Liability, Export Water sale payments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ParticipatingInterestsLiabilityExportWaterSalePayments" xlink:to="pcyo_ParticipatingInterestsLiabilityExportWaterSalePayments_lbl1" xlink:title="label: ParticipatingInterestsLiabilityExportWaterSalePayments to pcyo_ParticipatingInterestsLiabilityExportWaterSalePayments_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_ParticipatingInterestsLiabilityExportWaterSalePayments_lbl2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="pcyo_ParticipatingInterestsLiabilityExportWaterSalePayments_lbl2" xml:lang="en-US" id="pcyo_ParticipatingInterestsLiabilityExportWaterSalePayments_lbl2">Export water sale payments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ParticipatingInterestsLiabilityExportWaterSalePayments" xlink:to="pcyo_ParticipatingInterestsLiabilityExportWaterSalePayments_lbl2" xlink:title="label: ParticipatingInterestsLiabilityExportWaterSalePayments to pcyo_ParticipatingInterestsLiabilityExportWaterSalePayments_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_ParticipatingInterestsLiabilityTapFees" xlink:label="ParticipatingInterestsLiabilityTapFees" xlink:title="ParticipatingInterestsLiabilityTapFees" />
    <link:label xlink:type="resource" xlink:label="pcyo_ParticipatingInterestsLiabilityTapFees_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_ParticipatingInterestsLiabilityTapFees_lbl" xml:lang="en-US" id="pcyo_ParticipatingInterestsLiabilityTapFees_lbl">Participating interests liability through tap fees during the period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ParticipatingInterestsLiabilityTapFees" xlink:to="pcyo_ParticipatingInterestsLiabilityTapFees_lbl" xlink:title="label: ParticipatingInterestsLiabilityTapFees to pcyo_ParticipatingInterestsLiabilityTapFees_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_ParticipatingInterestsLiabilityTapFees_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_ParticipatingInterestsLiabilityTapFees_lbl1" xml:lang="en-US" id="pcyo_ParticipatingInterestsLiabilityTapFees_lbl1">Participating Interests Liability, Tap fees</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ParticipatingInterestsLiabilityTapFees" xlink:to="pcyo_ParticipatingInterestsLiabilityTapFees_lbl1" xlink:title="label: ParticipatingInterestsLiabilityTapFees to pcyo_ParticipatingInterestsLiabilityTapFees_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_ParticipatingInterestsLiabilityTapFees_lbl2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="pcyo_ParticipatingInterestsLiabilityTapFees_lbl2" xml:lang="en-US" id="pcyo_ParticipatingInterestsLiabilityTapFees_lbl2">Arapahoe County tap fees</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ParticipatingInterestsLiabilityTapFees" xlink:to="pcyo_ParticipatingInterestsLiabilityTapFees_lbl2" xlink:title="label: ParticipatingInterestsLiabilityTapFees to pcyo_ParticipatingInterestsLiabilityTapFees_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_ParticipatingInterestsLiabilityAcquisitions" xlink:label="ParticipatingInterestsLiabilityAcquisitions" xlink:title="ParticipatingInterestsLiabilityAcquisitions" />
    <link:label xlink:type="resource" xlink:label="pcyo_ParticipatingInterestsLiabilityAcquisitions_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_ParticipatingInterestsLiabilityAcquisitions_lbl" xml:lang="en-US" id="pcyo_ParticipatingInterestsLiabilityAcquisitions_lbl">Participating interests liability through acquisitions during the period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ParticipatingInterestsLiabilityAcquisitions" xlink:to="pcyo_ParticipatingInterestsLiabilityAcquisitions_lbl" xlink:title="label: ParticipatingInterestsLiabilityAcquisitions to pcyo_ParticipatingInterestsLiabilityAcquisitions_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_ParticipatingInterestsLiabilityAcquisitions_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_ParticipatingInterestsLiabilityAcquisitions_lbl1" xml:lang="en-US" id="pcyo_ParticipatingInterestsLiabilityAcquisitions_lbl1">Participating Interests Liability, Acquisitions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ParticipatingInterestsLiabilityAcquisitions" xlink:to="pcyo_ParticipatingInterestsLiabilityAcquisitions_lbl1" xlink:title="label: ParticipatingInterestsLiabilityAcquisitions to pcyo_ParticipatingInterestsLiabilityAcquisitions_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_ParticipatingInterestsLiabilityAcquisitions_lbl2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="pcyo_ParticipatingInterestsLiabilityAcquisitions_lbl2" xml:lang="en-US" id="pcyo_ParticipatingInterestsLiabilityAcquisitions_lbl2">Acquisitions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ParticipatingInterestsLiabilityAcquisitions" xlink:to="pcyo_ParticipatingInterestsLiabilityAcquisitions_lbl2" xlink:title="label: ParticipatingInterestsLiabilityAcquisitions to pcyo_ParticipatingInterestsLiabilityAcquisitions_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_ParticipatingInterestsLiabilityOptionPayments" xlink:label="ParticipatingInterestsLiabilityOptionPayments" xlink:title="ParticipatingInterestsLiabilityOptionPayments" />
    <link:label xlink:type="resource" xlink:label="pcyo_ParticipatingInterestsLiabilityOptionPayments_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_ParticipatingInterestsLiabilityOptionPayments_lbl" xml:lang="en-US" id="pcyo_ParticipatingInterestsLiabilityOptionPayments_lbl">Participating interests liability through option payments during the period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ParticipatingInterestsLiabilityOptionPayments" xlink:to="pcyo_ParticipatingInterestsLiabilityOptionPayments_lbl" xlink:title="label: ParticipatingInterestsLiabilityOptionPayments to pcyo_ParticipatingInterestsLiabilityOptionPayments_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_ParticipatingInterestsLiabilityOptionPayments_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_ParticipatingInterestsLiabilityOptionPayments_lbl1" xml:lang="en-US" id="pcyo_ParticipatingInterestsLiabilityOptionPayments_lbl1">Participating Interests Liability, Option payments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ParticipatingInterestsLiabilityOptionPayments" xlink:to="pcyo_ParticipatingInterestsLiabilityOptionPayments_lbl1" xlink:title="label: ParticipatingInterestsLiabilityOptionPayments to pcyo_ParticipatingInterestsLiabilityOptionPayments_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_ParticipatingInterestsLiabilityOptionPayments_lbl2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="pcyo_ParticipatingInterestsLiabilityOptionPayments_lbl2" xml:lang="en-US" id="pcyo_ParticipatingInterestsLiabilityOptionPayments_lbl2">Option payments - Sky Ranch and The Hills at Sky Ranch</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ParticipatingInterestsLiabilityOptionPayments" xlink:to="pcyo_ParticipatingInterestsLiabilityOptionPayments_lbl2" xlink:title="label: ParticipatingInterestsLiabilityOptionPayments to pcyo_ParticipatingInterestsLiabilityOptionPayments_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_ParticipatingInterestsLiabilityRollForward" xlink:label="ParticipatingInterestsLiabilityRollForward" xlink:title="ParticipatingInterestsLiabilityRollForward" />
    <link:label xlink:type="resource" xlink:label="pcyo_ParticipatingInterestsLiabilityRollForward_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_ParticipatingInterestsLiabilityRollForward_lbl" xml:lang="en-US" id="pcyo_ParticipatingInterestsLiabilityRollForward_lbl">A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ParticipatingInterestsLiabilityRollForward" xlink:to="pcyo_ParticipatingInterestsLiabilityRollForward_lbl" xlink:title="label: ParticipatingInterestsLiabilityRollForward to pcyo_ParticipatingInterestsLiabilityRollForward_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_ParticipatingInterestsLiabilityRollForward_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_ParticipatingInterestsLiabilityRollForward_lbl1" xml:lang="en-US" id="pcyo_ParticipatingInterestsLiabilityRollForward_lbl1">Participating Interests Liability [Roll Forward]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ParticipatingInterestsLiabilityRollForward" xlink:to="pcyo_ParticipatingInterestsLiabilityRollForward_lbl1" xlink:title="label: ParticipatingInterestsLiabilityRollForward to pcyo_ParticipatingInterestsLiabilityRollForward_lbl1" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_InitialExportWaterProceedsExportWaterSalePayments" xlink:label="InitialExportWaterProceedsExportWaterSalePayments" xlink:title="InitialExportWaterProceedsExportWaterSalePayments" />
    <link:label xlink:type="resource" xlink:label="pcyo_InitialExportWaterProceedsExportWaterSalePayments_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_InitialExportWaterProceedsExportWaterSalePayments_lbl" xml:lang="en-US" id="pcyo_InitialExportWaterProceedsExportWaterSalePayments_lbl">Total proceeds from the sale of export water after payment of the Land Board royalty allocated through export water sale payments during the period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InitialExportWaterProceedsExportWaterSalePayments" xlink:to="pcyo_InitialExportWaterProceedsExportWaterSalePayments_lbl" xlink:title="label: InitialExportWaterProceedsExportWaterSalePayments to pcyo_InitialExportWaterProceedsExportWaterSalePayments_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_InitialExportWaterProceedsExportWaterSalePayments_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_InitialExportWaterProceedsExportWaterSalePayments_lbl1" xml:lang="en-US" id="pcyo_InitialExportWaterProceedsExportWaterSalePayments_lbl1">Initial Export Water Proceeds, Export Water sale payments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InitialExportWaterProceedsExportWaterSalePayments" xlink:to="pcyo_InitialExportWaterProceedsExportWaterSalePayments_lbl1" xlink:title="label: InitialExportWaterProceedsExportWaterSalePayments to pcyo_InitialExportWaterProceedsExportWaterSalePayments_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_InitialExportWaterProceedsExportWaterSalePayments_lbl2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="pcyo_InitialExportWaterProceedsExportWaterSalePayments_lbl2" xml:lang="en-US" id="pcyo_InitialExportWaterProceedsExportWaterSalePayments_lbl2">Export water sale payments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InitialExportWaterProceedsExportWaterSalePayments" xlink:to="pcyo_InitialExportWaterProceedsExportWaterSalePayments_lbl2" xlink:title="label: InitialExportWaterProceedsExportWaterSalePayments to pcyo_InitialExportWaterProceedsExportWaterSalePayments_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_InitialExportWaterProceedsBalances" xlink:label="InitialExportWaterProceedsBalances" xlink:title="InitialExportWaterProceedsBalances" />
    <link:label xlink:type="resource" xlink:label="pcyo_InitialExportWaterProceedsBalances_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_InitialExportWaterProceedsBalances_lbl" xml:lang="en-US" id="pcyo_InitialExportWaterProceedsBalances_lbl">Initial export water proceeds as of the balance sheet date.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InitialExportWaterProceedsBalances" xlink:to="pcyo_InitialExportWaterProceedsBalances_lbl" xlink:title="label: InitialExportWaterProceedsBalances to pcyo_InitialExportWaterProceedsBalances_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_InitialExportWaterProceedsBalances_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_InitialExportWaterProceedsBalances_lbl1" xml:lang="en-US" id="pcyo_InitialExportWaterProceedsBalances_lbl1">Initial Export Water Proceeds, Balances</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InitialExportWaterProceedsBalances" xlink:to="pcyo_InitialExportWaterProceedsBalances_lbl1" xlink:title="label: InitialExportWaterProceedsBalances to pcyo_InitialExportWaterProceedsBalances_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_InitialExportWaterProceedsBalances_lbl2" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="pcyo_InitialExportWaterProceedsBalances_lbl2" xml:lang="en-US" id="pcyo_InitialExportWaterProceedsBalances_lbl2">Balance at end of period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InitialExportWaterProceedsBalances" xlink:to="pcyo_InitialExportWaterProceedsBalances_lbl2" xlink:title="label: InitialExportWaterProceedsBalances to pcyo_InitialExportWaterProceedsBalances_lbl2" />
    <link:label xlink:type="resource" xlink:label="pcyo_InitialExportWaterProceedsBalances_lbl3" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="pcyo_InitialExportWaterProceedsBalances_lbl3" xml:lang="en-US" id="pcyo_InitialExportWaterProceedsBalances_lbl3">Balance at beginning of period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InitialExportWaterProceedsBalances" xlink:to="pcyo_InitialExportWaterProceedsBalances_lbl3" xlink:title="label: InitialExportWaterProceedsBalances to pcyo_InitialExportWaterProceedsBalances_lbl3" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_InitialExportWaterProceedsRollForward" xlink:label="InitialExportWaterProceedsRollForward" xlink:title="InitialExportWaterProceedsRollForward" />
    <link:label xlink:type="resource" xlink:label="pcyo_InitialExportWaterProceedsRollForward_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_InitialExportWaterProceedsRollForward_lbl" xml:lang="en-US" id="pcyo_InitialExportWaterProceedsRollForward_lbl">A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InitialExportWaterProceedsRollForward" xlink:to="pcyo_InitialExportWaterProceedsRollForward_lbl" xlink:title="label: InitialExportWaterProceedsRollForward to pcyo_InitialExportWaterProceedsRollForward_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_InitialExportWaterProceedsRollForward_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_InitialExportWaterProceedsRollForward_lbl1" xml:lang="en-US" id="pcyo_InitialExportWaterProceedsRollForward_lbl1">Initial Export Water Proceeds [Roll Forward]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InitialExportWaterProceedsRollForward" xlink:to="pcyo_InitialExportWaterProceedsRollForward_lbl1" xlink:title="label: InitialExportWaterProceedsRollForward to pcyo_InitialExportWaterProceedsRollForward_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_InitialExportWaterProceedsRollForward_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_InitialExportWaterProceedsRollForward_lbl2" xml:lang="en-US" id="pcyo_InitialExportWaterProceedsRollForward_lbl2">Initial Export Water Proceeds To Pure Cycle [Roll Forward]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InitialExportWaterProceedsRollForward" xlink:to="pcyo_InitialExportWaterProceedsRollForward_lbl2" xlink:title="label: InitialExportWaterProceedsRollForward to pcyo_InitialExportWaterProceedsRollForward_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_ExportWaterProceedsReceivedTapFees" xlink:label="ExportWaterProceedsReceivedTapFees" xlink:title="ExportWaterProceedsReceivedTapFees" />
    <link:label xlink:type="resource" xlink:label="pcyo_ExportWaterProceedsReceivedTapFees_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_ExportWaterProceedsReceivedTapFees_lbl" xml:lang="en-US" id="pcyo_ExportWaterProceedsReceivedTapFees_lbl">Export water proceeds received through tap fees during the period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExportWaterProceedsReceivedTapFees" xlink:to="pcyo_ExportWaterProceedsReceivedTapFees_lbl" xlink:title="label: ExportWaterProceedsReceivedTapFees to pcyo_ExportWaterProceedsReceivedTapFees_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_ExportWaterProceedsReceivedTapFees_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_ExportWaterProceedsReceivedTapFees_lbl1" xml:lang="en-US" id="pcyo_ExportWaterProceedsReceivedTapFees_lbl1">Export water proceeds received, Tap Fees</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExportWaterProceedsReceivedTapFees" xlink:to="pcyo_ExportWaterProceedsReceivedTapFees_lbl1" xlink:title="label: ExportWaterProceedsReceivedTapFees to pcyo_ExportWaterProceedsReceivedTapFees_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_ExportWaterProceedsReceivedTapFees_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_ExportWaterProceedsReceivedTapFees_lbl2" xml:lang="en-US" id="pcyo_ExportWaterProceedsReceivedTapFees_lbl2">Arapahoe County tap fees</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExportWaterProceedsReceivedTapFees" xlink:to="pcyo_ExportWaterProceedsReceivedTapFees_lbl2" xlink:title="label: ExportWaterProceedsReceivedTapFees to pcyo_ExportWaterProceedsReceivedTapFees_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_RoyaltiesAbstract" xlink:label="RoyaltiesAbstract" xlink:title="RoyaltiesAbstract" />
    <link:label xlink:type="resource" xlink:label="pcyo_RoyaltiesAbstract_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_RoyaltiesAbstract_lbl1" xml:lang="en-US" id="pcyo_RoyaltiesAbstract_lbl1">Royalties [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RoyaltiesAbstract" xlink:to="pcyo_RoyaltiesAbstract_lbl1" xlink:title="label: RoyaltiesAbstract to pcyo_RoyaltiesAbstract_lbl1" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_PercentageOfOriginalRecordedLiabilityToOriginalTotalLiability" xlink:label="PercentageOfOriginalRecordedLiabilityToOriginalTotalLiability" xlink:title="PercentageOfOriginalRecordedLiabilityToOriginalTotalLiability" />
    <link:label xlink:type="resource" xlink:label="pcyo_PercentageOfOriginalRecordedLiabilityToOriginalTotalLiability_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_PercentageOfOriginalRecordedLiabilityToOriginalTotalLiability_lbl" xml:lang="en-US" id="pcyo_PercentageOfOriginalRecordedLiabilityToOriginalTotalLiability_lbl">The percentage of original recorded liability as compared to total original liability.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfOriginalRecordedLiabilityToOriginalTotalLiability" xlink:to="pcyo_PercentageOfOriginalRecordedLiabilityToOriginalTotalLiability_lbl" xlink:title="label: PercentageOfOriginalRecordedLiabilityToOriginalTotalLiability to pcyo_PercentageOfOriginalRecordedLiabilityToOriginalTotalLiability_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_PercentageOfOriginalRecordedLiabilityToOriginalTotalLiability_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_PercentageOfOriginalRecordedLiabilityToOriginalTotalLiability_lbl1" xml:lang="en-US" id="pcyo_PercentageOfOriginalRecordedLiabilityToOriginalTotalLiability_lbl1">Percentage of Original Recorded Liability to Original Total Liability</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfOriginalRecordedLiabilityToOriginalTotalLiability" xlink:to="pcyo_PercentageOfOriginalRecordedLiabilityToOriginalTotalLiability_lbl1" xlink:title="label: PercentageOfOriginalRecordedLiabilityToOriginalTotalLiability to pcyo_PercentageOfOriginalRecordedLiabilityToOriginalTotalLiability_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_PercentageOfOriginalRecordedLiabilityToOriginalTotalLiability_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_PercentageOfOriginalRecordedLiabilityToOriginalTotalLiability_lbl2" xml:lang="en-US" id="pcyo_PercentageOfOriginalRecordedLiabilityToOriginalTotalLiability_lbl2">Percentage of original recorded liability compared to original total liability</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfOriginalRecordedLiabilityToOriginalTotalLiability" xlink:to="pcyo_PercentageOfOriginalRecordedLiabilityToOriginalTotalLiability_lbl2" xlink:title="label: PercentageOfOriginalRecordedLiabilityToOriginalTotalLiability to pcyo_PercentageOfOriginalRecordedLiabilityToOriginalTotalLiability_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_ProjectedCostOfParticipationAgreement" xlink:label="ProjectedCostOfParticipationAgreement" xlink:title="ProjectedCostOfParticipationAgreement" />
    <link:label xlink:type="resource" xlink:label="pcyo_ProjectedCostOfParticipationAgreement_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_ProjectedCostOfParticipationAgreement_lbl" xml:lang="en-US" id="pcyo_ProjectedCostOfParticipationAgreement_lbl">The amount of project cost of the partnership participation agreement.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProjectedCostOfParticipationAgreement" xlink:to="pcyo_ProjectedCostOfParticipationAgreement_lbl" xlink:title="label: ProjectedCostOfParticipationAgreement to pcyo_ProjectedCostOfParticipationAgreement_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_ProjectedCostOfParticipationAgreement_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_ProjectedCostOfParticipationAgreement_lbl1" xml:lang="en-US" id="pcyo_ProjectedCostOfParticipationAgreement_lbl1">Projected Cost of Participation Agreement</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProjectedCostOfParticipationAgreement" xlink:to="pcyo_ProjectedCostOfParticipationAgreement_lbl1" xlink:title="label: ProjectedCostOfParticipationAgreement to pcyo_ProjectedCostOfParticipationAgreement_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_ProjectedCostOfParticipationAgreement_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_ProjectedCostOfParticipationAgreement_lbl2" xml:lang="en-US" id="pcyo_ProjectedCostOfParticipationAgreement_lbl2">Projected cost</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProjectedCostOfParticipationAgreement" xlink:to="pcyo_ProjectedCostOfParticipationAgreement_lbl2" xlink:title="label: ProjectedCostOfParticipationAgreement to pcyo_ProjectedCostOfParticipationAgreement_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_ExportWaterProceedsReceivedOptionPayments" xlink:label="ExportWaterProceedsReceivedOptionPayments" xlink:title="ExportWaterProceedsReceivedOptionPayments" />
    <link:label xlink:type="resource" xlink:label="pcyo_ExportWaterProceedsReceivedOptionPayments_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_ExportWaterProceedsReceivedOptionPayments_lbl" xml:lang="en-US" id="pcyo_ExportWaterProceedsReceivedOptionPayments_lbl">Export water proceeds received through option payments during the period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExportWaterProceedsReceivedOptionPayments" xlink:to="pcyo_ExportWaterProceedsReceivedOptionPayments_lbl" xlink:title="label: ExportWaterProceedsReceivedOptionPayments to pcyo_ExportWaterProceedsReceivedOptionPayments_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_ExportWaterProceedsReceivedOptionPayments_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_ExportWaterProceedsReceivedOptionPayments_lbl1" xml:lang="en-US" id="pcyo_ExportWaterProceedsReceivedOptionPayments_lbl1">Export water proceeds received, Option Payments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExportWaterProceedsReceivedOptionPayments" xlink:to="pcyo_ExportWaterProceedsReceivedOptionPayments_lbl1" xlink:title="label: ExportWaterProceedsReceivedOptionPayments to pcyo_ExportWaterProceedsReceivedOptionPayments_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_ExportWaterProceedsReceivedOptionPayments_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_ExportWaterProceedsReceivedOptionPayments_lbl2" xml:lang="en-US" id="pcyo_ExportWaterProceedsReceivedOptionPayments_lbl2">Option payments - Sky Ranch and The Hills at Sky Ranch</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExportWaterProceedsReceivedOptionPayments" xlink:to="pcyo_ExportWaterProceedsReceivedOptionPayments_lbl2" xlink:title="label: ExportWaterProceedsReceivedOptionPayments to pcyo_ExportWaterProceedsReceivedOptionPayments_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_PeriodOfFinancingOfPartnershipParticipationAgreement" xlink:label="PeriodOfFinancingOfPartnershipParticipationAgreement" xlink:title="PeriodOfFinancingOfPartnershipParticipationAgreement" />
    <link:label xlink:type="resource" xlink:label="pcyo_PeriodOfFinancingOfPartnershipParticipationAgreement_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_PeriodOfFinancingOfPartnershipParticipationAgreement_lbl" xml:lang="en-US" id="pcyo_PeriodOfFinancingOfPartnershipParticipationAgreement_lbl">The period of financing of the partnership participation agreement.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PeriodOfFinancingOfPartnershipParticipationAgreement" xlink:to="pcyo_PeriodOfFinancingOfPartnershipParticipationAgreement_lbl" xlink:title="label: PeriodOfFinancingOfPartnershipParticipationAgreement to pcyo_PeriodOfFinancingOfPartnershipParticipationAgreement_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_PeriodOfFinancingOfPartnershipParticipationAgreement_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_PeriodOfFinancingOfPartnershipParticipationAgreement_lbl1" xml:lang="en-US" id="pcyo_PeriodOfFinancingOfPartnershipParticipationAgreement_lbl1">Period of financing of Partnership Participation Agreement</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PeriodOfFinancingOfPartnershipParticipationAgreement" xlink:to="pcyo_PeriodOfFinancingOfPartnershipParticipationAgreement_lbl1" xlink:title="label: PeriodOfFinancingOfPartnershipParticipationAgreement to pcyo_PeriodOfFinancingOfPartnershipParticipationAgreement_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_PeriodOfFinancingOfPartnershipParticipationAgreement_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_PeriodOfFinancingOfPartnershipParticipationAgreement_lbl2" xml:lang="en-US" id="pcyo_PeriodOfFinancingOfPartnershipParticipationAgreement_lbl2">Projected financing period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PeriodOfFinancingOfPartnershipParticipationAgreement" xlink:to="pcyo_PeriodOfFinancingOfPartnershipParticipationAgreement_lbl2" xlink:title="label: PeriodOfFinancingOfPartnershipParticipationAgreement to pcyo_PeriodOfFinancingOfPartnershipParticipationAgreement_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_WISEPartnershipAbstract" xlink:label="WISEPartnershipAbstract" xlink:title="WISEPartnershipAbstract" />
    <link:label xlink:type="resource" xlink:label="pcyo_WISEPartnershipAbstract_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_WISEPartnershipAbstract_lbl1" xml:lang="en-US" id="pcyo_WISEPartnershipAbstract_lbl1">WISE Partnership [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WISEPartnershipAbstract" xlink:to="pcyo_WISEPartnershipAbstract_lbl1" xlink:title="label: WISEPartnershipAbstract to pcyo_WISEPartnershipAbstract_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_WISEPartnershipAbstract_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_WISEPartnershipAbstract_lbl2" xml:lang="en-US" id="pcyo_WISEPartnershipAbstract_lbl2">WISE Partnership [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WISEPartnershipAbstract" xlink:to="pcyo_WISEPartnershipAbstract_lbl2" xlink:title="label: WISEPartnershipAbstract to pcyo_WISEPartnershipAbstract_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_PartnershipAgreementLineItems" xlink:label="PartnershipAgreementLineItems" xlink:title="PartnershipAgreementLineItems" />
    <link:label xlink:type="resource" xlink:label="pcyo_PartnershipAgreementLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_PartnershipAgreementLineItems_lbl" xml:lang="en-US" id="pcyo_PartnershipAgreementLineItems_lbl">Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PartnershipAgreementLineItems" xlink:to="pcyo_PartnershipAgreementLineItems_lbl" xlink:title="label: PartnershipAgreementLineItems to pcyo_PartnershipAgreementLineItems_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_PartnershipAgreementLineItems_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_PartnershipAgreementLineItems_lbl1" xml:lang="en-US" id="pcyo_PartnershipAgreementLineItems_lbl1">Partnership Agreement [Line Items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PartnershipAgreementLineItems" xlink:to="pcyo_PartnershipAgreementLineItems_lbl1" xlink:title="label: PartnershipAgreementLineItems to pcyo_PartnershipAgreementLineItems_lbl1" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_PartnershipAgreementTable" xlink:label="PartnershipAgreementTable" xlink:title="PartnershipAgreementTable" />
    <link:label xlink:type="resource" xlink:label="pcyo_PartnershipAgreementTable_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_PartnershipAgreementTable_lbl" xml:lang="en-US" id="pcyo_PartnershipAgreementTable_lbl">A table or schedule providing information pertaining to the partnership agreement.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PartnershipAgreementTable" xlink:to="pcyo_PartnershipAgreementTable_lbl" xlink:title="label: PartnershipAgreementTable to pcyo_PartnershipAgreementTable_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_PartnershipAgreementTable_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_PartnershipAgreementTable_lbl1" xml:lang="en-US" id="pcyo_PartnershipAgreementTable_lbl1">Partnership Agreement [Table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PartnershipAgreementTable" xlink:to="pcyo_PartnershipAgreementTable_lbl1" xlink:title="label: PartnershipAgreementTable to pcyo_PartnershipAgreementTable_lbl1" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_PercentageOfPaymentRemittedToCAAHoldersAllocatedToRecordedLiabilityAccount" xlink:label="PercentageOfPaymentRemittedToCAAHoldersAllocatedToRecordedLiabilityAccount" xlink:title="PercentageOfPaymentRemittedToCAAHoldersAllocatedToRecordedLiabilityAccount" />
    <link:label xlink:type="resource" xlink:label="pcyo_PercentageOfPaymentRemittedToCAAHoldersAllocatedToRecordedLiabilityAccount_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_PercentageOfPaymentRemittedToCAAHoldersAllocatedToRecordedLiabilityAccount_lbl" xml:lang="en-US" id="pcyo_PercentageOfPaymentRemittedToCAAHoldersAllocatedToRecordedLiabilityAccount_lbl">The percentage of each payment remitted to CAA holders allocated to the recorded liability account.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfPaymentRemittedToCAAHoldersAllocatedToRecordedLiabilityAccount" xlink:to="pcyo_PercentageOfPaymentRemittedToCAAHoldersAllocatedToRecordedLiabilityAccount_lbl" xlink:title="label: PercentageOfPaymentRemittedToCAAHoldersAllocatedToRecordedLiabilityAccount to pcyo_PercentageOfPaymentRemittedToCAAHoldersAllocatedToRecordedLiabilityAccount_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_PercentageOfPaymentRemittedToCAAHoldersAllocatedToRecordedLiabilityAccount_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_PercentageOfPaymentRemittedToCAAHoldersAllocatedToRecordedLiabilityAccount_lbl1" xml:lang="en-US" id="pcyo_PercentageOfPaymentRemittedToCAAHoldersAllocatedToRecordedLiabilityAccount_lbl1">Percentage of Payment Remitted to CAA Holders Allocated to Recorded Liability Account</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfPaymentRemittedToCAAHoldersAllocatedToRecordedLiabilityAccount" xlink:to="pcyo_PercentageOfPaymentRemittedToCAAHoldersAllocatedToRecordedLiabilityAccount_lbl1" xlink:title="label: PercentageOfPaymentRemittedToCAAHoldersAllocatedToRecordedLiabilityAccount to pcyo_PercentageOfPaymentRemittedToCAAHoldersAllocatedToRecordedLiabilityAccount_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_PercentageOfPaymentRemittedToCAAHoldersAllocatedToRecordedLiabilityAccount_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_PercentageOfPaymentRemittedToCAAHoldersAllocatedToRecordedLiabilityAccount_lbl2" xml:lang="en-US" id="pcyo_PercentageOfPaymentRemittedToCAAHoldersAllocatedToRecordedLiabilityAccount_lbl2">Percentage of payment remitted to CAA holders allocated to recorded liability account</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfPaymentRemittedToCAAHoldersAllocatedToRecordedLiabilityAccount" xlink:to="pcyo_PercentageOfPaymentRemittedToCAAHoldersAllocatedToRecordedLiabilityAccount_lbl2" xlink:title="label: PercentageOfPaymentRemittedToCAAHoldersAllocatedToRecordedLiabilityAccount to pcyo_PercentageOfPaymentRemittedToCAAHoldersAllocatedToRecordedLiabilityAccount_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_ExportWaterProceedsReceivedBalances" xlink:label="ExportWaterProceedsReceivedBalances" xlink:title="ExportWaterProceedsReceivedBalances" />
    <link:label xlink:type="resource" xlink:label="pcyo_ExportWaterProceedsReceivedBalances_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_ExportWaterProceedsReceivedBalances_lbl" xml:lang="en-US" id="pcyo_ExportWaterProceedsReceivedBalances_lbl">Export water proceeds received as of the balance sheet date.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExportWaterProceedsReceivedBalances" xlink:to="pcyo_ExportWaterProceedsReceivedBalances_lbl" xlink:title="label: ExportWaterProceedsReceivedBalances to pcyo_ExportWaterProceedsReceivedBalances_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_ExportWaterProceedsReceivedBalances_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_ExportWaterProceedsReceivedBalances_lbl1" xml:lang="en-US" id="pcyo_ExportWaterProceedsReceivedBalances_lbl1">Export water proceeds received, Balances</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExportWaterProceedsReceivedBalances" xlink:to="pcyo_ExportWaterProceedsReceivedBalances_lbl1" xlink:title="label: ExportWaterProceedsReceivedBalances to pcyo_ExportWaterProceedsReceivedBalances_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_ExportWaterProceedsReceivedBalances_lbl2" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="pcyo_ExportWaterProceedsReceivedBalances_lbl2" xml:lang="en-US" id="pcyo_ExportWaterProceedsReceivedBalances_lbl2">Balance at beginning of period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExportWaterProceedsReceivedBalances" xlink:to="pcyo_ExportWaterProceedsReceivedBalances_lbl2" xlink:title="label: ExportWaterProceedsReceivedBalances to pcyo_ExportWaterProceedsReceivedBalances_lbl2" />
    <link:label xlink:type="resource" xlink:label="pcyo_ExportWaterProceedsReceivedBalances_lbl3" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="pcyo_ExportWaterProceedsReceivedBalances_lbl3" xml:lang="en-US" id="pcyo_ExportWaterProceedsReceivedBalances_lbl3">Balance at end of period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExportWaterProceedsReceivedBalances" xlink:to="pcyo_ExportWaterProceedsReceivedBalances_lbl3" xlink:title="label: ExportWaterProceedsReceivedBalances to pcyo_ExportWaterProceedsReceivedBalances_lbl3" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_ExportWaterProceedsReceivedRelinquishment" xlink:label="ExportWaterProceedsReceivedRelinquishment" xlink:title="ExportWaterProceedsReceivedRelinquishment" />
    <link:label xlink:type="resource" xlink:label="pcyo_ExportWaterProceedsReceivedRelinquishment_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_ExportWaterProceedsReceivedRelinquishment_lbl" xml:lang="en-US" id="pcyo_ExportWaterProceedsReceivedRelinquishment_lbl">Export water proceeds received through relinquishment during the period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExportWaterProceedsReceivedRelinquishment" xlink:to="pcyo_ExportWaterProceedsReceivedRelinquishment_lbl" xlink:title="label: ExportWaterProceedsReceivedRelinquishment to pcyo_ExportWaterProceedsReceivedRelinquishment_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_ExportWaterProceedsReceivedRelinquishment_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_ExportWaterProceedsReceivedRelinquishment_lbl1" xml:lang="en-US" id="pcyo_ExportWaterProceedsReceivedRelinquishment_lbl1">Export water proceeds received, Relinquishment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExportWaterProceedsReceivedRelinquishment" xlink:to="pcyo_ExportWaterProceedsReceivedRelinquishment_lbl1" xlink:title="label: ExportWaterProceedsReceivedRelinquishment to pcyo_ExportWaterProceedsReceivedRelinquishment_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_ExportWaterProceedsReceivedRelinquishment_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_ExportWaterProceedsReceivedRelinquishment_lbl2" xml:lang="en-US" id="pcyo_ExportWaterProceedsReceivedRelinquishment_lbl2">Relinquishment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExportWaterProceedsReceivedRelinquishment" xlink:to="pcyo_ExportWaterProceedsReceivedRelinquishment_lbl2" xlink:title="label: ExportWaterProceedsReceivedRelinquishment to pcyo_ExportWaterProceedsReceivedRelinquishment_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_ExportWaterProceedsReceivedRollForward" xlink:label="ExportWaterProceedsReceivedRollForward" xlink:title="ExportWaterProceedsReceivedRollForward" />
    <link:label xlink:type="resource" xlink:label="pcyo_ExportWaterProceedsReceivedRollForward_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_ExportWaterProceedsReceivedRollForward_lbl" xml:lang="en-US" id="pcyo_ExportWaterProceedsReceivedRollForward_lbl">A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExportWaterProceedsReceivedRollForward" xlink:to="pcyo_ExportWaterProceedsReceivedRollForward_lbl" xlink:title="label: ExportWaterProceedsReceivedRollForward to pcyo_ExportWaterProceedsReceivedRollForward_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_ExportWaterProceedsReceivedRollForward_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_ExportWaterProceedsReceivedRollForward_lbl1" xml:lang="en-US" id="pcyo_ExportWaterProceedsReceivedRollForward_lbl1">Export Water Proceeds Received [Roll Forward]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExportWaterProceedsReceivedRollForward" xlink:to="pcyo_ExportWaterProceedsReceivedRollForward_lbl1" xlink:title="label: ExportWaterProceedsReceivedRollForward to pcyo_ExportWaterProceedsReceivedRollForward_lbl1" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_NumberOfCustomers" xlink:label="NumberOfCustomers" xlink:title="NumberOfCustomers" />
    <link:label xlink:type="resource" xlink:label="pcyo_NumberOfCustomers_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_NumberOfCustomers_lbl" xml:lang="en-US" id="pcyo_NumberOfCustomers_lbl">Represents the number of customers.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfCustomers" xlink:to="pcyo_NumberOfCustomers_lbl" xlink:title="label: NumberOfCustomers to pcyo_NumberOfCustomers_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_NumberOfCustomers_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_NumberOfCustomers_lbl1" xml:lang="en-US" id="pcyo_NumberOfCustomers_lbl1">Number of Customers</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfCustomers" xlink:to="pcyo_NumberOfCustomers_lbl1" xlink:title="label: NumberOfCustomers to pcyo_NumberOfCustomers_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_NumberOfCustomers_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_NumberOfCustomers_lbl2" xml:lang="en-US" id="pcyo_NumberOfCustomers_lbl2">Number of customers</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfCustomers" xlink:to="pcyo_NumberOfCustomers_lbl2" xlink:title="label: NumberOfCustomers to pcyo_NumberOfCustomers_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_ConcentrationRiskPercentageAbstract" xlink:label="ConcentrationRiskPercentageAbstract" xlink:title="ConcentrationRiskPercentageAbstract" />
    <link:label xlink:type="resource" xlink:label="pcyo_ConcentrationRiskPercentageAbstract_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_ConcentrationRiskPercentageAbstract_lbl1" xml:lang="en-US" id="pcyo_ConcentrationRiskPercentageAbstract_lbl1">Concentration Risk Percentage [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConcentrationRiskPercentageAbstract" xlink:to="pcyo_ConcentrationRiskPercentageAbstract_lbl1" xlink:title="label: ConcentrationRiskPercentageAbstract to pcyo_ConcentrationRiskPercentageAbstract_lbl1" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_CustomerThreeMember" xlink:label="CustomerThreeMember" xlink:title="CustomerThreeMember" />
    <link:label xlink:type="resource" xlink:label="pcyo_CustomerThreeMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_CustomerThreeMember_lbl" xml:lang="en-US" id="pcyo_CustomerThreeMember_lbl">Information by name or description of customer three.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CustomerThreeMember" xlink:to="pcyo_CustomerThreeMember_lbl" xlink:title="label: CustomerThreeMember to pcyo_CustomerThreeMember_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_CustomerThreeMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_CustomerThreeMember_lbl1" xml:lang="en-US" id="pcyo_CustomerThreeMember_lbl1">Customer Three [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CustomerThreeMember" xlink:to="pcyo_CustomerThreeMember_lbl1" xlink:title="label: CustomerThreeMember to pcyo_CustomerThreeMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_RidgeviewYouthServicesCenterMember" xlink:label="RidgeviewYouthServicesCenterMember" xlink:title="RidgeviewYouthServicesCenterMember" />
    <link:label xlink:type="resource" xlink:label="pcyo_RidgeviewYouthServicesCenterMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_RidgeviewYouthServicesCenterMember_lbl" xml:lang="en-US" id="pcyo_RidgeviewYouthServicesCenterMember_lbl">Ridgeview youth services center is one of the significant customer of Rangeview district.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RidgeviewYouthServicesCenterMember" xlink:to="pcyo_RidgeviewYouthServicesCenterMember_lbl" xlink:title="label: RidgeviewYouthServicesCenterMember to pcyo_RidgeviewYouthServicesCenterMember_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_RidgeviewYouthServicesCenterMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_RidgeviewYouthServicesCenterMember_lbl1" xml:lang="en-US" id="pcyo_RidgeviewYouthServicesCenterMember_lbl1">Ridgeview Youth Services Center [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RidgeviewYouthServicesCenterMember" xlink:to="pcyo_RidgeviewYouthServicesCenterMember_lbl1" xlink:title="label: RidgeviewYouthServicesCenterMember to pcyo_RidgeviewYouthServicesCenterMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_CustomerTwoMember" xlink:label="CustomerTwoMember" xlink:title="CustomerTwoMember" />
    <link:label xlink:type="resource" xlink:label="pcyo_CustomerTwoMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_CustomerTwoMember_lbl" xml:lang="en-US" id="pcyo_CustomerTwoMember_lbl">Information by name or description of customer two.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CustomerTwoMember" xlink:to="pcyo_CustomerTwoMember_lbl" xlink:title="label: CustomerTwoMember to pcyo_CustomerTwoMember_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_CustomerTwoMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_CustomerTwoMember_lbl1" xml:lang="en-US" id="pcyo_CustomerTwoMember_lbl1">Customer Two [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CustomerTwoMember" xlink:to="pcyo_CustomerTwoMember_lbl1" xlink:title="label: CustomerTwoMember to pcyo_CustomerTwoMember_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_CustomerTwoMember_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_CustomerTwoMember_lbl2" xml:lang="en-US" id="pcyo_CustomerTwoMember_lbl2">Customer Two [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CustomerTwoMember" xlink:to="pcyo_CustomerTwoMember_lbl2" xlink:title="label: CustomerTwoMember to pcyo_CustomerTwoMember_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_CustomerFourMember" xlink:label="CustomerFourMember" xlink:title="CustomerFourMember" />
    <link:label xlink:type="resource" xlink:label="pcyo_CustomerFourMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_CustomerFourMember_lbl" xml:lang="en-US" id="pcyo_CustomerFourMember_lbl">Information by name or description of customer four.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CustomerFourMember" xlink:to="pcyo_CustomerFourMember_lbl" xlink:title="label: CustomerFourMember to pcyo_CustomerFourMember_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_CustomerFourMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_CustomerFourMember_lbl1" xml:lang="en-US" id="pcyo_CustomerFourMember_lbl1">Customer Four [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CustomerFourMember" xlink:to="pcyo_CustomerFourMember_lbl1" xlink:title="label: CustomerFourMember to pcyo_CustomerFourMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_CustomerEightMember" xlink:label="CustomerEightMember" xlink:title="CustomerEightMember" />
    <link:label xlink:type="resource" xlink:label="pcyo_CustomerEightMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_CustomerEightMember_lbl" xml:lang="en-US" id="pcyo_CustomerEightMember_lbl">Information by name or description of customer eight.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CustomerEightMember" xlink:to="pcyo_CustomerEightMember_lbl" xlink:title="label: CustomerEightMember to pcyo_CustomerEightMember_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_CustomerEightMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_CustomerEightMember_lbl1" xml:lang="en-US" id="pcyo_CustomerEightMember_lbl1">Customer Eight [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CustomerEightMember" xlink:to="pcyo_CustomerEightMember_lbl1" xlink:title="label: CustomerEightMember to pcyo_CustomerEightMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_CustomerOneMember" xlink:label="CustomerOneMember" xlink:title="CustomerOneMember" />
    <link:label xlink:type="resource" xlink:label="pcyo_CustomerOneMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_CustomerOneMember_lbl" xml:lang="en-US" id="pcyo_CustomerOneMember_lbl">Information by name or description of customer one.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CustomerOneMember" xlink:to="pcyo_CustomerOneMember_lbl" xlink:title="label: CustomerOneMember to pcyo_CustomerOneMember_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_CustomerOneMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_CustomerOneMember_lbl1" xml:lang="en-US" id="pcyo_CustomerOneMember_lbl1">Customer One [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CustomerOneMember" xlink:to="pcyo_CustomerOneMember_lbl1" xlink:title="label: CustomerOneMember to pcyo_CustomerOneMember_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_CustomerOneMember_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_CustomerOneMember_lbl2" xml:lang="en-US" id="pcyo_CustomerOneMember_lbl2">Customer One [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CustomerOneMember" xlink:to="pcyo_CustomerOneMember_lbl2" xlink:title="label: CustomerOneMember to pcyo_CustomerOneMember_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_CustomerSixMember" xlink:label="CustomerSixMember" xlink:title="CustomerSixMember" />
    <link:label xlink:type="resource" xlink:label="pcyo_CustomerSixMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_CustomerSixMember_lbl" xml:lang="en-US" id="pcyo_CustomerSixMember_lbl">Information by name or description of customer six.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CustomerSixMember" xlink:to="pcyo_CustomerSixMember_lbl" xlink:title="label: CustomerSixMember to pcyo_CustomerSixMember_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_CustomerSixMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_CustomerSixMember_lbl1" xml:lang="en-US" id="pcyo_CustomerSixMember_lbl1">Customer Six [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CustomerSixMember" xlink:to="pcyo_CustomerSixMember_lbl1" xlink:title="label: CustomerSixMember to pcyo_CustomerSixMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_CustomerSevenMember" xlink:label="CustomerSevenMember" xlink:title="CustomerSevenMember" />
    <link:label xlink:type="resource" xlink:label="pcyo_CustomerSevenMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_CustomerSevenMember_lbl" xml:lang="en-US" id="pcyo_CustomerSevenMember_lbl">Information by name or description of customer seven.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CustomerSevenMember" xlink:to="pcyo_CustomerSevenMember_lbl" xlink:title="label: CustomerSevenMember to pcyo_CustomerSevenMember_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_CustomerSevenMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_CustomerSevenMember_lbl1" xml:lang="en-US" id="pcyo_CustomerSevenMember_lbl1">Customer Seven [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CustomerSevenMember" xlink:to="pcyo_CustomerSevenMember_lbl1" xlink:title="label: CustomerSevenMember to pcyo_CustomerSevenMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_CustomerFiveMember" xlink:label="CustomerFiveMember" xlink:title="CustomerFiveMember" />
    <link:label xlink:type="resource" xlink:label="pcyo_CustomerFiveMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_CustomerFiveMember_lbl" xml:lang="en-US" id="pcyo_CustomerFiveMember_lbl">Information by name or description of customer five.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CustomerFiveMember" xlink:to="pcyo_CustomerFiveMember_lbl" xlink:title="label: CustomerFiveMember to pcyo_CustomerFiveMember_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_CustomerFiveMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_CustomerFiveMember_lbl1" xml:lang="en-US" id="pcyo_CustomerFiveMember_lbl1">Customer Five [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CustomerFiveMember" xlink:to="pcyo_CustomerFiveMember_lbl1" xlink:title="label: CustomerFiveMember to pcyo_CustomerFiveMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_RangeviewDistrictMember" xlink:label="RangeviewDistrictMember" xlink:title="RangeviewDistrictMember" />
    <link:label xlink:type="resource" xlink:label="pcyo_RangeviewDistrictMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_RangeviewDistrictMember_lbl" xml:lang="en-US" id="pcyo_RangeviewDistrictMember_lbl">The Rangeview 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.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RangeviewDistrictMember" xlink:to="pcyo_RangeviewDistrictMember_lbl" xlink:title="label: RangeviewDistrictMember to pcyo_RangeviewDistrictMember_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_RangeviewDistrictMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_RangeviewDistrictMember_lbl1" xml:lang="en-US" id="pcyo_RangeviewDistrictMember_lbl1">Rangeview District [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RangeviewDistrictMember" xlink:to="pcyo_RangeviewDistrictMember_lbl1" xlink:title="label: RangeviewDistrictMember to pcyo_RangeviewDistrictMember_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_RangeviewDistrictMember_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_RangeviewDistrictMember_lbl2" xml:lang="en-US" id="pcyo_RangeviewDistrictMember_lbl2">Rangeview District [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RangeviewDistrictMember" xlink:to="pcyo_RangeviewDistrictMember_lbl2" xlink:title="label: RangeviewDistrictMember to pcyo_RangeviewDistrictMember_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_CustomerNineMember" xlink:label="CustomerNineMember" xlink:title="CustomerNineMember" />
    <link:label xlink:type="resource" xlink:label="pcyo_CustomerNineMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_CustomerNineMember_lbl" xml:lang="en-US" id="pcyo_CustomerNineMember_lbl">Information by name or description of customer nine.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CustomerNineMember" xlink:to="pcyo_CustomerNineMember_lbl" xlink:title="label: CustomerNineMember to pcyo_CustomerNineMember_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_CustomerNineMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_CustomerNineMember_lbl1" xml:lang="en-US" id="pcyo_CustomerNineMember_lbl1">Customer Nine [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CustomerNineMember" xlink:to="pcyo_CustomerNineMember_lbl1" xlink:title="label: CustomerNineMember to pcyo_CustomerNineMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_CustomersOneAndTwoMember" xlink:label="CustomersOneAndTwoMember" xlink:title="CustomersOneAndTwoMember" />
    <link:label xlink:type="resource" xlink:label="pcyo_CustomersOneAndTwoMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_CustomersOneAndTwoMember_lbl" xml:lang="en-US" id="pcyo_CustomersOneAndTwoMember_lbl">Information by name or description of other customer one and two.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CustomersOneAndTwoMember" xlink:to="pcyo_CustomersOneAndTwoMember_lbl" xlink:title="label: CustomersOneAndTwoMember to pcyo_CustomersOneAndTwoMember_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_CustomersOneAndTwoMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_CustomersOneAndTwoMember_lbl1" xml:lang="en-US" id="pcyo_CustomersOneAndTwoMember_lbl1">Customers One And Two [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CustomersOneAndTwoMember" xlink:to="pcyo_CustomersOneAndTwoMember_lbl1" xlink:title="label: CustomersOneAndTwoMember to pcyo_CustomersOneAndTwoMember_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_CustomersOneAndTwoMember_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_CustomersOneAndTwoMember_lbl2" xml:lang="en-US" id="pcyo_CustomersOneAndTwoMember_lbl2">Customers One and Two [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CustomersOneAndTwoMember" xlink:to="pcyo_CustomersOneAndTwoMember_lbl2" xlink:title="label: CustomersOneAndTwoMember to pcyo_CustomersOneAndTwoMember_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_LandDevelopmentActivitiesMember" xlink:label="LandDevelopmentActivitiesMember" xlink:title="LandDevelopmentActivitiesMember" />
    <link:label xlink:type="resource" xlink:label="pcyo_LandDevelopmentActivitiesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_LandDevelopmentActivitiesMember_lbl" xml:lang="en-US" id="pcyo_LandDevelopmentActivitiesMember_lbl">Land development activities real estate held and assets that are an addition or improvement to real estate held.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LandDevelopmentActivitiesMember" xlink:to="pcyo_LandDevelopmentActivitiesMember_lbl" xlink:title="label: LandDevelopmentActivitiesMember to pcyo_LandDevelopmentActivitiesMember_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_LandDevelopmentActivitiesMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_LandDevelopmentActivitiesMember_lbl1" xml:lang="en-US" id="pcyo_LandDevelopmentActivitiesMember_lbl1">Land Development Activities [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LandDevelopmentActivitiesMember" xlink:to="pcyo_LandDevelopmentActivitiesMember_lbl1" xlink:title="label: LandDevelopmentActivitiesMember to pcyo_LandDevelopmentActivitiesMember_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_LandDevelopmentActivitiesMember_lbl2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="pcyo_LandDevelopmentActivitiesMember_lbl2" xml:lang="en-US" id="pcyo_LandDevelopmentActivitiesMember_lbl2">Land Development [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LandDevelopmentActivitiesMember" xlink:to="pcyo_LandDevelopmentActivitiesMember_lbl2" xlink:title="label: LandDevelopmentActivitiesMember to pcyo_LandDevelopmentActivitiesMember_lbl2" />
    <link:label xlink:type="resource" xlink:label="pcyo_LandDevelopmentActivitiesMember_lbl3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_LandDevelopmentActivitiesMember_lbl3" xml:lang="en-US" id="pcyo_LandDevelopmentActivitiesMember_lbl3">Land Development Activities [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LandDevelopmentActivitiesMember" xlink:to="pcyo_LandDevelopmentActivitiesMember_lbl3" xlink:title="label: LandDevelopmentActivitiesMember to pcyo_LandDevelopmentActivitiesMember_lbl3" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_WholesaleWaterAndWastewaterSservicesMember" xlink:label="WholesaleWaterAndWastewaterSservicesMember" xlink:title="WholesaleWaterAndWastewaterSservicesMember" />
    <link:label xlink:type="resource" xlink:label="pcyo_WholesaleWaterAndWastewaterSservicesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_WholesaleWaterAndWastewaterSservicesMember_lbl" xml:lang="en-US" id="pcyo_WholesaleWaterAndWastewaterSservicesMember_lbl">The wholesale water and wastewater services business includes selling water service to customers, which water is 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.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WholesaleWaterAndWastewaterSservicesMember" xlink:to="pcyo_WholesaleWaterAndWastewaterSservicesMember_lbl" xlink:title="label: WholesaleWaterAndWastewaterSservicesMember to pcyo_WholesaleWaterAndWastewaterSservicesMember_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_WholesaleWaterAndWastewaterSservicesMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_WholesaleWaterAndWastewaterSservicesMember_lbl1" xml:lang="en-US" id="pcyo_WholesaleWaterAndWastewaterSservicesMember_lbl1">Wholesale Water and Wastewater Services [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WholesaleWaterAndWastewaterSservicesMember" xlink:to="pcyo_WholesaleWaterAndWastewaterSservicesMember_lbl1" xlink:title="label: WholesaleWaterAndWastewaterSservicesMember to pcyo_WholesaleWaterAndWastewaterSservicesMember_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_WholesaleWaterAndWastewaterSservicesMember_lbl2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="pcyo_WholesaleWaterAndWastewaterSservicesMember_lbl2" xml:lang="en-US" id="pcyo_WholesaleWaterAndWastewaterSservicesMember_lbl2">Water and Wastewater Services [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WholesaleWaterAndWastewaterSservicesMember" xlink:to="pcyo_WholesaleWaterAndWastewaterSservicesMember_lbl2" xlink:title="label: WholesaleWaterAndWastewaterSservicesMember to pcyo_WholesaleWaterAndWastewaterSservicesMember_lbl2" />
    <link:label xlink:type="resource" xlink:label="pcyo_WholesaleWaterAndWastewaterSservicesMember_lbl3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_WholesaleWaterAndWastewaterSservicesMember_lbl3" xml:lang="en-US" id="pcyo_WholesaleWaterAndWastewaterSservicesMember_lbl3">Wholesale Water and Wastewater Services [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WholesaleWaterAndWastewaterSservicesMember" xlink:to="pcyo_WholesaleWaterAndWastewaterSservicesMember_lbl3" xlink:title="label: WholesaleWaterAndWastewaterSservicesMember to pcyo_WholesaleWaterAndWastewaterSservicesMember_lbl3" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_RangeviewWaterSystemMember" xlink:label="RangeviewWaterSystemMember" xlink:title="RangeviewWaterSystemMember" />
    <link:label xlink:type="resource" xlink:label="pcyo_RangeviewWaterSystemMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_RangeviewWaterSystemMember_lbl" xml:lang="en-US" id="pcyo_RangeviewWaterSystemMember_lbl">Water system to extend water service to customers located on and off the Lowry Range.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RangeviewWaterSystemMember" xlink:to="pcyo_RangeviewWaterSystemMember_lbl" xlink:title="label: RangeviewWaterSystemMember to pcyo_RangeviewWaterSystemMember_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_RangeviewWaterSystemMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_RangeviewWaterSystemMember_lbl1" xml:lang="en-US" id="pcyo_RangeviewWaterSystemMember_lbl1">Rangeview Water System [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RangeviewWaterSystemMember" xlink:to="pcyo_RangeviewWaterSystemMember_lbl1" xlink:title="label: RangeviewWaterSystemMember to pcyo_RangeviewWaterSystemMember_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_RangeviewWaterSystemMember_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_RangeviewWaterSystemMember_lbl2" xml:lang="en-US" id="pcyo_RangeviewWaterSystemMember_lbl2">Rangeview Water System [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RangeviewWaterSystemMember" xlink:to="pcyo_RangeviewWaterSystemMember_lbl2" xlink:title="label: RangeviewWaterSystemMember to pcyo_RangeviewWaterSystemMember_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_SkyRanchPipelineMember" xlink:label="SkyRanchPipelineMember" xlink:title="SkyRanchPipelineMember" />
    <link:label xlink:type="resource" xlink:label="pcyo_SkyRanchPipelineMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_SkyRanchPipelineMember_lbl" xml:lang="en-US" id="pcyo_SkyRanchPipelineMember_lbl">Pipeline service connecting Sky Ranch water system to Rangeview's water system.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SkyRanchPipelineMember" xlink:to="pcyo_SkyRanchPipelineMember_lbl" xlink:title="label: SkyRanchPipelineMember to pcyo_SkyRanchPipelineMember_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_SkyRanchPipelineMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_SkyRanchPipelineMember_lbl1" xml:lang="en-US" id="pcyo_SkyRanchPipelineMember_lbl1">Sky Ranch pipeline [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SkyRanchPipelineMember" xlink:to="pcyo_SkyRanchPipelineMember_lbl1" xlink:title="label: SkyRanchPipelineMember to pcyo_SkyRanchPipelineMember_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_SkyRanchPipelineMember_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_SkyRanchPipelineMember_lbl2" xml:lang="en-US" id="pcyo_SkyRanchPipelineMember_lbl2">Sky Ranch Pipeline [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SkyRanchPipelineMember" xlink:to="pcyo_SkyRanchPipelineMember_lbl2" xlink:title="label: SkyRanchPipelineMember to pcyo_SkyRanchPipelineMember_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_FairgroundsWaterAndWaterSystemMember" xlink:label="FairgroundsWaterAndWaterSystemMember" xlink:title="FairgroundsWaterAndWaterSystemMember" />
    <link:label xlink:type="resource" xlink:label="pcyo_FairgroundsWaterAndWaterSystemMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_FairgroundsWaterAndWaterSystemMember_lbl" xml:lang="en-US" id="pcyo_FairgroundsWaterAndWaterSystemMember_lbl">Reserved ground water and water system to provide water services to the county for use at the Arapahoe County fairgrounds located in west of the Lowry Range.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FairgroundsWaterAndWaterSystemMember" xlink:to="pcyo_FairgroundsWaterAndWaterSystemMember_lbl" xlink:title="label: FairgroundsWaterAndWaterSystemMember to pcyo_FairgroundsWaterAndWaterSystemMember_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_FairgroundsWaterAndWaterSystemMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_FairgroundsWaterAndWaterSystemMember_lbl1" xml:lang="en-US" id="pcyo_FairgroundsWaterAndWaterSystemMember_lbl1">Fairgrounds Water And Water System [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FairgroundsWaterAndWaterSystemMember" xlink:to="pcyo_FairgroundsWaterAndWaterSystemMember_lbl1" xlink:title="label: FairgroundsWaterAndWaterSystemMember to pcyo_FairgroundsWaterAndWaterSystemMember_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_FairgroundsWaterAndWaterSystemMember_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_FairgroundsWaterAndWaterSystemMember_lbl2" xml:lang="en-US" id="pcyo_FairgroundsWaterAndWaterSystemMember_lbl2">Fairgrounds Water And Water System [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FairgroundsWaterAndWaterSystemMember" xlink:to="pcyo_FairgroundsWaterAndWaterSystemMember_lbl2" xlink:title="label: FairgroundsWaterAndWaterSystemMember to pcyo_FairgroundsWaterAndWaterSystemMember_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_WildPointeServiceRightsMember" xlink:label="WildPointeServiceRightsMember" xlink:title="WildPointeServiceRightsMember" />
    <link:label xlink:type="resource" xlink:label="pcyo_WildPointeServiceRightsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_WildPointeServiceRightsMember_lbl" xml:lang="en-US" id="pcyo_WildPointeServiceRightsMember_lbl">Service agreement right to provide water services to all users of water services within the boundaries and service area of the Elbert 86 District and for operating and maintaining the Elbert 86 District's water system.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WildPointeServiceRightsMember" xlink:to="pcyo_WildPointeServiceRightsMember_lbl" xlink:title="label: WildPointeServiceRightsMember to pcyo_WildPointeServiceRightsMember_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_WildPointeServiceRightsMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_WildPointeServiceRightsMember_lbl1" xml:lang="en-US" id="pcyo_WildPointeServiceRightsMember_lbl1">Wild Pointe Service Rights [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WildPointeServiceRightsMember" xlink:to="pcyo_WildPointeServiceRightsMember_lbl1" xlink:title="label: WildPointeServiceRightsMember to pcyo_WildPointeServiceRightsMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_WaterSupplyOtherMember" xlink:label="WaterSupplyOtherMember" xlink:title="WaterSupplyOtherMember" />
    <link:label xlink:type="resource" xlink:label="pcyo_WaterSupplyOtherMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_WaterSupplyOtherMember_lbl" xml:lang="en-US" id="pcyo_WaterSupplyOtherMember_lbl">Assets combined with tributary surface water and groundwater rights along with certain storage rights located in different part of the country classified as other.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WaterSupplyOtherMember" xlink:to="pcyo_WaterSupplyOtherMember_lbl" xlink:title="label: WaterSupplyOtherMember to pcyo_WaterSupplyOtherMember_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_WaterSupplyOtherMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_WaterSupplyOtherMember_lbl1" xml:lang="en-US" id="pcyo_WaterSupplyOtherMember_lbl1">Water Supply - Other [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WaterSupplyOtherMember" xlink:to="pcyo_WaterSupplyOtherMember_lbl1" xlink:title="label: WaterSupplyOtherMember to pcyo_WaterSupplyOtherMember_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_WaterSupplyOtherMember_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_WaterSupplyOtherMember_lbl2" xml:lang="en-US" id="pcyo_WaterSupplyOtherMember_lbl2">Water Supply - Other [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WaterSupplyOtherMember" xlink:to="pcyo_WaterSupplyOtherMember_lbl2" xlink:title="label: WaterSupplyOtherMember to pcyo_WaterSupplyOtherMember_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_RangeviewWaterSupplyMember" xlink:label="RangeviewWaterSupplyMember" xlink:title="RangeviewWaterSupplyMember" />
    <link:label xlink:type="resource" xlink:label="pcyo_RangeviewWaterSupplyMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_RangeviewWaterSupplyMember_lbl" xml:lang="en-US" id="pcyo_RangeviewWaterSupplyMember_lbl">Assets combined with tributary surface water and groundwater rights along with certain storage rights.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RangeviewWaterSupplyMember" xlink:to="pcyo_RangeviewWaterSupplyMember_lbl" xlink:title="label: RangeviewWaterSupplyMember to pcyo_RangeviewWaterSupplyMember_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_RangeviewWaterSupplyMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_RangeviewWaterSupplyMember_lbl1" xml:lang="en-US" id="pcyo_RangeviewWaterSupplyMember_lbl1">Rangeview Water Supply [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RangeviewWaterSupplyMember" xlink:to="pcyo_RangeviewWaterSupplyMember_lbl1" xlink:title="label: RangeviewWaterSupplyMember to pcyo_RangeviewWaterSupplyMember_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_RangeviewWaterSupplyMember_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_RangeviewWaterSupplyMember_lbl2" xml:lang="en-US" id="pcyo_RangeviewWaterSupplyMember_lbl2">Rangeview Water Supply [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RangeviewWaterSupplyMember" xlink:to="pcyo_RangeviewWaterSupplyMember_lbl2" xlink:title="label: RangeviewWaterSupplyMember to pcyo_RangeviewWaterSupplyMember_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_SkyRanchWaterRightsAndOtherCostsMember" xlink:label="SkyRanchWaterRightsAndOtherCostsMember" xlink:title="SkyRanchWaterRightsAndOtherCostsMember" />
    <link:label xlink:type="resource" xlink:label="pcyo_SkyRanchWaterRightsAndOtherCostsMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_SkyRanchWaterRightsAndOtherCostsMember_lbl" xml:lang="en-US" id="pcyo_SkyRanchWaterRightsAndOtherCostsMember_lbl">Land zoned under master planned community along the I-70 corridor east of Denver, Colorado which includes rights to water and oil and gas mineral rights and has been zoned for residential, commercial and retail uses and cost associated with the development of lots.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SkyRanchWaterRightsAndOtherCostsMember" xlink:to="pcyo_SkyRanchWaterRightsAndOtherCostsMember_lbl" xlink:title="label: SkyRanchWaterRightsAndOtherCostsMember to pcyo_SkyRanchWaterRightsAndOtherCostsMember_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_SkyRanchWaterRightsAndOtherCostsMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_SkyRanchWaterRightsAndOtherCostsMember_lbl1" xml:lang="en-US" id="pcyo_SkyRanchWaterRightsAndOtherCostsMember_lbl1">Sky Ranch Water Rights And Other Costs [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SkyRanchWaterRightsAndOtherCostsMember" xlink:to="pcyo_SkyRanchWaterRightsAndOtherCostsMember_lbl1" xlink:title="label: SkyRanchWaterRightsAndOtherCostsMember to pcyo_SkyRanchWaterRightsAndOtherCostsMember_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_SkyRanchWaterRightsAndOtherCostsMember_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_SkyRanchWaterRightsAndOtherCostsMember_lbl2" xml:lang="en-US" id="pcyo_SkyRanchWaterRightsAndOtherCostsMember_lbl2">Sky Ranch Water Rights and Other Costs [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SkyRanchWaterRightsAndOtherCostsMember" xlink:to="pcyo_SkyRanchWaterRightsAndOtherCostsMember_lbl2" xlink:title="label: SkyRanchWaterRightsAndOtherCostsMember to pcyo_SkyRanchWaterRightsAndOtherCostsMember_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_WaterServiceOperationsExpense" xlink:label="WaterServiceOperationsExpense" xlink:title="WaterServiceOperationsExpense" />
    <link:label xlink:type="resource" xlink:label="pcyo_WaterServiceOperationsExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_WaterServiceOperationsExpense_lbl" xml:lang="en-US" id="pcyo_WaterServiceOperationsExpense_lbl">Cost incurred related to water service operations.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WaterServiceOperationsExpense" xlink:to="pcyo_WaterServiceOperationsExpense_lbl" xlink:title="label: WaterServiceOperationsExpense to pcyo_WaterServiceOperationsExpense_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_WaterServiceOperationsExpense_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_WaterServiceOperationsExpense_lbl1" xml:lang="en-US" id="pcyo_WaterServiceOperationsExpense_lbl1">Water Service Operations Expense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WaterServiceOperationsExpense" xlink:to="pcyo_WaterServiceOperationsExpense_lbl1" xlink:title="label: WaterServiceOperationsExpense to pcyo_WaterServiceOperationsExpense_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_WaterServiceOperationsExpense_lbl2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="pcyo_WaterServiceOperationsExpense_lbl2" xml:lang="en-US" id="pcyo_WaterServiceOperationsExpense_lbl2">Water service operations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WaterServiceOperationsExpense" xlink:to="pcyo_WaterServiceOperationsExpense_lbl2" xlink:title="label: WaterServiceOperationsExpense to pcyo_WaterServiceOperationsExpense_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_WaterTapFeeMember" xlink:label="WaterTapFeeMember" xlink:title="WaterTapFeeMember" />
    <link:label xlink:type="resource" xlink:label="pcyo_WaterTapFeeMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_WaterTapFeeMember_lbl" xml:lang="en-US" id="pcyo_WaterTapFeeMember_lbl">Water tap fee constitutes a right to connect to the Company's wholesale water and wastewater systems through a service line to a residential or commercial building or property, and once granted, the customer may make a physical tap into the wholesale line(s) to connect its property for water and/or wastewater service.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WaterTapFeeMember" xlink:to="pcyo_WaterTapFeeMember_lbl" xlink:title="label: WaterTapFeeMember to pcyo_WaterTapFeeMember_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_WaterTapFeeMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_WaterTapFeeMember_lbl1" xml:lang="en-US" id="pcyo_WaterTapFeeMember_lbl1">Water Tap Fee [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WaterTapFeeMember" xlink:to="pcyo_WaterTapFeeMember_lbl1" xlink:title="label: WaterTapFeeMember to pcyo_WaterTapFeeMember_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_WaterTapFeeMember_lbl2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="pcyo_WaterTapFeeMember_lbl2" xml:lang="en-US" id="pcyo_WaterTapFeeMember_lbl2">Water Tap Fees Recognized [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WaterTapFeeMember" xlink:to="pcyo_WaterTapFeeMember_lbl2" xlink:title="label: WaterTapFeeMember to pcyo_WaterTapFeeMember_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_WastewaterTreatmentFeesMember" xlink:label="WastewaterTreatmentFeesMember" xlink:title="WastewaterTreatmentFeesMember" />
    <link:label xlink:type="resource" xlink:label="pcyo_WastewaterTreatmentFeesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_WastewaterTreatmentFeesMember_lbl" xml:lang="en-US" id="pcyo_WastewaterTreatmentFeesMember_lbl">Wastewater monthly treatment fees based on usage.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WastewaterTreatmentFeesMember" xlink:to="pcyo_WastewaterTreatmentFeesMember_lbl" xlink:title="label: WastewaterTreatmentFeesMember to pcyo_WastewaterTreatmentFeesMember_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_WastewaterTreatmentFeesMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_WastewaterTreatmentFeesMember_lbl1" xml:lang="en-US" id="pcyo_WastewaterTreatmentFeesMember_lbl1">Wastewater Treatment Fees [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WastewaterTreatmentFeesMember" xlink:to="pcyo_WastewaterTreatmentFeesMember_lbl1" xlink:title="label: WastewaterTreatmentFeesMember to pcyo_WastewaterTreatmentFeesMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_LotFeeConstructionCosts" xlink:label="LotFeeConstructionCosts" xlink:title="LotFeeConstructionCosts" />
    <link:label xlink:type="resource" xlink:label="pcyo_LotFeeConstructionCosts_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_LotFeeConstructionCosts_lbl" xml:lang="en-US" id="pcyo_LotFeeConstructionCosts_lbl">Costs incurred related to lot fee construction costs.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LotFeeConstructionCosts" xlink:to="pcyo_LotFeeConstructionCosts_lbl" xlink:title="label: LotFeeConstructionCosts to pcyo_LotFeeConstructionCosts_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_LotFeeConstructionCosts_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_LotFeeConstructionCosts_lbl1" xml:lang="en-US" id="pcyo_LotFeeConstructionCosts_lbl1">Lot fee construction costs</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LotFeeConstructionCosts" xlink:to="pcyo_LotFeeConstructionCosts_lbl1" xlink:title="label: LotFeeConstructionCosts to pcyo_LotFeeConstructionCosts_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_LotFeeConstructionCosts_lbl2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="pcyo_LotFeeConstructionCosts_lbl2" xml:lang="en-US" id="pcyo_LotFeeConstructionCosts_lbl2">Lot fee construction costs</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LotFeeConstructionCosts" xlink:to="pcyo_LotFeeConstructionCosts_lbl2" xlink:title="label: LotFeeConstructionCosts to pcyo_LotFeeConstructionCosts_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_LotSalesMember" xlink:label="LotSalesMember" xlink:title="LotSalesMember" />
    <link:label xlink:type="resource" xlink:label="pcyo_LotSalesMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_LotSalesMember_lbl" xml:lang="en-US" id="pcyo_LotSalesMember_lbl">Revenue derived from lot sales.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LotSalesMember" xlink:to="pcyo_LotSalesMember_lbl" xlink:title="label: LotSalesMember to pcyo_LotSalesMember_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_LotSalesMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_LotSalesMember_lbl1" xml:lang="en-US" id="pcyo_LotSalesMember_lbl1">Lot Sales [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LotSalesMember" xlink:to="pcyo_LotSalesMember_lbl1" xlink:title="label: LotSalesMember to pcyo_LotSalesMember_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_LotSalesMember_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_LotSalesMember_lbl2" xml:lang="en-US" id="pcyo_LotSalesMember_lbl2">Lot Sales [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LotSalesMember" xlink:to="pcyo_LotSalesMember_lbl2" xlink:title="label: LotSalesMember to pcyo_LotSalesMember_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_WastewaterServiceOperationsExpense" xlink:label="WastewaterServiceOperationsExpense" xlink:title="WastewaterServiceOperationsExpense" />
    <link:label xlink:type="resource" xlink:label="pcyo_WastewaterServiceOperationsExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_WastewaterServiceOperationsExpense_lbl" xml:lang="en-US" id="pcyo_WastewaterServiceOperationsExpense_lbl">Cost incurred related to wastewater service operations.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WastewaterServiceOperationsExpense" xlink:to="pcyo_WastewaterServiceOperationsExpense_lbl" xlink:title="label: WastewaterServiceOperationsExpense to pcyo_WastewaterServiceOperationsExpense_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_WastewaterServiceOperationsExpense_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_WastewaterServiceOperationsExpense_lbl1" xml:lang="en-US" id="pcyo_WastewaterServiceOperationsExpense_lbl1">Wastewater Service Operations Expense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WastewaterServiceOperationsExpense" xlink:to="pcyo_WastewaterServiceOperationsExpense_lbl1" xlink:title="label: WastewaterServiceOperationsExpense to pcyo_WastewaterServiceOperationsExpense_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_WastewaterServiceOperationsExpense_lbl2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="pcyo_WastewaterServiceOperationsExpense_lbl2" xml:lang="en-US" id="pcyo_WastewaterServiceOperationsExpense_lbl2">Wastewater service operations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WastewaterServiceOperationsExpense" xlink:to="pcyo_WastewaterServiceOperationsExpense_lbl2" xlink:title="label: WastewaterServiceOperationsExpense to pcyo_WastewaterServiceOperationsExpense_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_OtherServicesExpense" xlink:label="OtherServicesExpense" xlink:title="OtherServicesExpense" />
    <link:label xlink:type="resource" xlink:label="pcyo_OtherServicesExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_OtherServicesExpense_lbl" xml:lang="en-US" id="pcyo_OtherServicesExpense_lbl">Amount of other costs incurred and are directly related to services rendered by an entity during the reporting period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherServicesExpense" xlink:to="pcyo_OtherServicesExpense_lbl" xlink:title="label: OtherServicesExpense to pcyo_OtherServicesExpense_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_OtherServicesExpense_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_OtherServicesExpense_lbl1" xml:lang="en-US" id="pcyo_OtherServicesExpense_lbl1">Other Services Expense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherServicesExpense" xlink:to="pcyo_OtherServicesExpense_lbl1" xlink:title="label: OtherServicesExpense to pcyo_OtherServicesExpense_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_OtherServicesExpense_lbl2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="pcyo_OtherServicesExpense_lbl2" xml:lang="en-US" id="pcyo_OtherServicesExpense_lbl2">Other</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherServicesExpense" xlink:to="pcyo_OtherServicesExpense_lbl2" xlink:title="label: OtherServicesExpense to pcyo_OtherServicesExpense_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_MeteredWaterUsageMember" xlink:label="MeteredWaterUsageMember" xlink:title="MeteredWaterUsageMember" />
    <link:label xlink:type="resource" xlink:label="pcyo_MeteredWaterUsageMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_MeteredWaterUsageMember_lbl" xml:lang="en-US" id="pcyo_MeteredWaterUsageMember_lbl">Wholesale water usage revenues upon delivering water to its customers or its governmental customer's end-use customers, as applicable.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MeteredWaterUsageMember" xlink:to="pcyo_MeteredWaterUsageMember_lbl" xlink:title="label: MeteredWaterUsageMember to pcyo_MeteredWaterUsageMember_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_MeteredWaterUsageMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_MeteredWaterUsageMember_lbl1" xml:lang="en-US" id="pcyo_MeteredWaterUsageMember_lbl1">Metered Water Usage [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MeteredWaterUsageMember" xlink:to="pcyo_MeteredWaterUsageMember_lbl1" xlink:title="label: MeteredWaterUsageMember to pcyo_MeteredWaterUsageMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_Two004IncentivePlanAnd2014EquityPlanMember" xlink:label="Two004IncentivePlanAnd2014EquityPlanMember" xlink:title="Two004IncentivePlanAnd2014EquityPlanMember" />
    <link:label xlink:type="resource" xlink:label="pcyo_Two004IncentivePlanAnd2014EquityPlanMember_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_Two004IncentivePlanAnd2014EquityPlanMember_lbl" xml:lang="en-US" id="pcyo_Two004IncentivePlanAnd2014EquityPlanMember_lbl">Summarizes the combined stock option activity of both 2004 incentive plan and 2014 equity plan.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Two004IncentivePlanAnd2014EquityPlanMember" xlink:to="pcyo_Two004IncentivePlanAnd2014EquityPlanMember_lbl" xlink:title="label: Two004IncentivePlanAnd2014EquityPlanMember to pcyo_Two004IncentivePlanAnd2014EquityPlanMember_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_Two004IncentivePlanAnd2014EquityPlanMember_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_Two004IncentivePlanAnd2014EquityPlanMember_lbl1" xml:lang="en-US" id="pcyo_Two004IncentivePlanAnd2014EquityPlanMember_lbl1">2004 Incentive Plan and 2014 Equity Plan [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Two004IncentivePlanAnd2014EquityPlanMember" xlink:to="pcyo_Two004IncentivePlanAnd2014EquityPlanMember_lbl1" xlink:title="label: Two004IncentivePlanAnd2014EquityPlanMember to pcyo_Two004IncentivePlanAnd2014EquityPlanMember_lbl1" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_NumberOfAssets" xlink:label="NumberOfAssets" xlink:title="NumberOfAssets" />
    <link:label xlink:type="resource" xlink:label="pcyo_NumberOfAssets_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_NumberOfAssets_lbl" xml:lang="en-US" id="pcyo_NumberOfAssets_lbl">Number of assets available in each level of input.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfAssets" xlink:to="pcyo_NumberOfAssets_lbl" xlink:title="label: NumberOfAssets to pcyo_NumberOfAssets_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_NumberOfAssets_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_NumberOfAssets_lbl1" xml:lang="en-US" id="pcyo_NumberOfAssets_lbl1">Number of Assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfAssets" xlink:to="pcyo_NumberOfAssets_lbl1" xlink:title="label: NumberOfAssets to pcyo_NumberOfAssets_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_NumberOfAssets_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_NumberOfAssets_lbl2" xml:lang="en-US" id="pcyo_NumberOfAssets_lbl2">Number of assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfAssets" xlink:to="pcyo_NumberOfAssets_lbl2" xlink:title="label: NumberOfAssets to pcyo_NumberOfAssets_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_NumberOfLiabilities" xlink:label="NumberOfLiabilities" xlink:title="NumberOfLiabilities" />
    <link:label xlink:type="resource" xlink:label="pcyo_NumberOfLiabilities_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_NumberOfLiabilities_lbl" xml:lang="en-US" id="pcyo_NumberOfLiabilities_lbl">Number of liabilities available in each level of input.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfLiabilities" xlink:to="pcyo_NumberOfLiabilities_lbl" xlink:title="label: NumberOfLiabilities to pcyo_NumberOfLiabilities_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_NumberOfLiabilities_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_NumberOfLiabilities_lbl1" xml:lang="en-US" id="pcyo_NumberOfLiabilities_lbl1">Number of Liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfLiabilities" xlink:to="pcyo_NumberOfLiabilities_lbl1" xlink:title="label: NumberOfLiabilities to pcyo_NumberOfLiabilities_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_NumberOfLiabilities_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_NumberOfLiabilities_lbl2" xml:lang="en-US" id="pcyo_NumberOfLiabilities_lbl2">Number of liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfLiabilities" xlink:to="pcyo_NumberOfLiabilities_lbl2" xlink:title="label: NumberOfLiabilities to pcyo_NumberOfLiabilities_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_NumberOfAssetsOrLiabilitiesAvailableInFairValueLevelsAbstract" xlink:label="NumberOfAssetsOrLiabilitiesAvailableInFairValueLevelsAbstract" xlink:title="NumberOfAssetsOrLiabilitiesAvailableInFairValueLevelsAbstract" />
    <link:label xlink:type="resource" xlink:label="pcyo_NumberOfAssetsOrLiabilitiesAvailableInFairValueLevelsAbstract_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_NumberOfAssetsOrLiabilitiesAvailableInFairValueLevelsAbstract_lbl1" xml:lang="en-US" id="pcyo_NumberOfAssetsOrLiabilitiesAvailableInFairValueLevelsAbstract_lbl1">Number of Assets or Liabilities Available in Fair Value Levels [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfAssetsOrLiabilitiesAvailableInFairValueLevelsAbstract" xlink:to="pcyo_NumberOfAssetsOrLiabilitiesAvailableInFairValueLevelsAbstract_lbl1" xlink:title="label: NumberOfAssetsOrLiabilitiesAvailableInFairValueLevelsAbstract to pcyo_NumberOfAssetsOrLiabilitiesAvailableInFairValueLevelsAbstract_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_NumberOfAssetsOrLiabilitiesAvailableInFairValueLevelsAbstract_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_NumberOfAssetsOrLiabilitiesAvailableInFairValueLevelsAbstract_lbl2" xml:lang="en-US" id="pcyo_NumberOfAssetsOrLiabilitiesAvailableInFairValueLevelsAbstract_lbl2">Number of assets or liabilities [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfAssetsOrLiabilitiesAvailableInFairValueLevelsAbstract" xlink:to="pcyo_NumberOfAssetsOrLiabilitiesAvailableInFairValueLevelsAbstract_lbl2" xlink:title="label: NumberOfAssetsOrLiabilitiesAvailableInFairValueLevelsAbstract to pcyo_NumberOfAssetsOrLiabilitiesAvailableInFairValueLevelsAbstract_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_ParticipatingInterestsLiability" xlink:label="ParticipatingInterestsLiability" xlink:title="ParticipatingInterestsLiability" />
    <link:label xlink:type="resource" xlink:label="pcyo_ParticipatingInterestsLiability_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_ParticipatingInterestsLiability_lbl" xml:lang="en-US" id="pcyo_ParticipatingInterestsLiability_lbl">Participating interests liability as of the balance sheet date.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ParticipatingInterestsLiability" xlink:to="pcyo_ParticipatingInterestsLiability_lbl" xlink:title="label: ParticipatingInterestsLiability to pcyo_ParticipatingInterestsLiability_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_ParticipatingInterestsLiability_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_ParticipatingInterestsLiability_lbl1" xml:lang="en-US" id="pcyo_ParticipatingInterestsLiability_lbl1">Participating Interests Liability</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ParticipatingInterestsLiability" xlink:to="pcyo_ParticipatingInterestsLiability_lbl1" xlink:title="label: ParticipatingInterestsLiability to pcyo_ParticipatingInterestsLiability_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_ParticipatingInterestsLiability_lbl2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="pcyo_ParticipatingInterestsLiability_lbl2" xml:lang="en-US" id="pcyo_ParticipatingInterestsLiability_lbl2">Participating interests in Export Water Supply</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ParticipatingInterestsLiability" xlink:to="pcyo_ParticipatingInterestsLiability_lbl2" xlink:title="label: ParticipatingInterestsLiability to pcyo_ParticipatingInterestsLiability_lbl2" />
    <link:label xlink:type="resource" xlink:label="pcyo_ParticipatingInterestsLiability_lbl3" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="pcyo_ParticipatingInterestsLiability_lbl3" xml:lang="en-US" id="pcyo_ParticipatingInterestsLiability_lbl3">Balance at beginning of period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ParticipatingInterestsLiability" xlink:to="pcyo_ParticipatingInterestsLiability_lbl3" xlink:title="label: ParticipatingInterestsLiability to pcyo_ParticipatingInterestsLiability_lbl3" />
    <link:label xlink:type="resource" xlink:label="pcyo_ParticipatingInterestsLiability_lbl4" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="pcyo_ParticipatingInterestsLiability_lbl4" xml:lang="en-US" id="pcyo_ParticipatingInterestsLiability_lbl4">Balance at end of period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ParticipatingInterestsLiability" xlink:to="pcyo_ParticipatingInterestsLiability_lbl4" xlink:title="label: ParticipatingInterestsLiability to pcyo_ParticipatingInterestsLiability_lbl4" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_CommonStockAbstract" xlink:label="CommonStockAbstract" xlink:title="CommonStockAbstract" />
    <link:label xlink:type="resource" xlink:label="pcyo_CommonStockAbstract_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_CommonStockAbstract_lbl1" xml:lang="en-US" id="pcyo_CommonStockAbstract_lbl1">Common Stock [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonStockAbstract" xlink:to="pcyo_CommonStockAbstract_lbl1" xlink:title="label: CommonStockAbstract to pcyo_CommonStockAbstract_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_CommonStockAbstract_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_CommonStockAbstract_lbl2" xml:lang="en-US" id="pcyo_CommonStockAbstract_lbl2">Common stock:</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommonStockAbstract" xlink:to="pcyo_CommonStockAbstract_lbl2" xlink:title="label: CommonStockAbstract to pcyo_CommonStockAbstract_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_PreferredStockAbstract" xlink:label="PreferredStockAbstract" xlink:title="PreferredStockAbstract" />
    <link:label xlink:type="resource" xlink:label="pcyo_PreferredStockAbstract_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_PreferredStockAbstract_lbl1" xml:lang="en-US" id="pcyo_PreferredStockAbstract_lbl1">Preferred Stock [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PreferredStockAbstract" xlink:to="pcyo_PreferredStockAbstract_lbl1" xlink:title="label: PreferredStockAbstract to pcyo_PreferredStockAbstract_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_PreferredStockAbstract_lbl2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="pcyo_PreferredStockAbstract_lbl2" xml:lang="en-US" id="pcyo_PreferredStockAbstract_lbl2">Preferred stock:</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PreferredStockAbstract" xlink:to="pcyo_PreferredStockAbstract_lbl2" xlink:title="label: PreferredStockAbstract to pcyo_PreferredStockAbstract_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_OperatingLeasesMonthlyBaseRent" xlink:label="OperatingLeasesMonthlyBaseRent" xlink:title="OperatingLeasesMonthlyBaseRent" />
    <link:label xlink:type="resource" xlink:label="pcyo_OperatingLeasesMonthlyBaseRent_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_OperatingLeasesMonthlyBaseRent_lbl" xml:lang="en-US" id="pcyo_OperatingLeasesMonthlyBaseRent_lbl">The amount of rental expense payable per month for operating leases.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OperatingLeasesMonthlyBaseRent" xlink:to="pcyo_OperatingLeasesMonthlyBaseRent_lbl" xlink:title="label: OperatingLeasesMonthlyBaseRent to pcyo_OperatingLeasesMonthlyBaseRent_lbl" />
    <link:label xlink:type="resource" xlink:label="pcyo_OperatingLeasesMonthlyBaseRent_lbl1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="pcyo_OperatingLeasesMonthlyBaseRent_lbl1" xml:lang="en-US" id="pcyo_OperatingLeasesMonthlyBaseRent_lbl1">Operating Leases Monthly Base Rent</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OperatingLeasesMonthlyBaseRent" xlink:to="pcyo_OperatingLeasesMonthlyBaseRent_lbl1" xlink:title="label: OperatingLeasesMonthlyBaseRent to pcyo_OperatingLeasesMonthlyBaseRent_lbl1" />
    <link:label xlink:type="resource" xlink:label="pcyo_OperatingLeasesMonthlyBaseRent_lbl2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="pcyo_OperatingLeasesMonthlyBaseRent_lbl2" xml:lang="en-US" id="pcyo_OperatingLeasesMonthlyBaseRent_lbl2">Monthly base rent of operating lease</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OperatingLeasesMonthlyBaseRent" xlink:to="pcyo_OperatingLeasesMonthlyBaseRent_lbl2" xlink:title="label: OperatingLeasesMonthlyBaseRent to pcyo_OperatingLeasesMonthlyBaseRent_lbl2" />
    <link:loc xlink:type="locator" xlink:href="pcyo-20190228.xsd#pcyo_PercentageOfIncreaseInPrimaryBasePaymentForOperatingLease" xlink:label="PercentageOfIncreaseInPrimaryBasePaymentForOperatingLease" xlink:title="PercentageOfIncreaseInPrimaryBasePaymentForOperatingLease" />
    <link:label xlink:type="resource" xlink:label="pcyo_PercentageOfIncreaseInPrimaryBasePaymentForOperatingLease_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="pcyo_PercentageOfIncreaseInPrimaryBasePaymentForOperatingLease_lbl" xml:lang="en-US" id="pcyo_PercentageOfIncreaseInPrimaryBasePaymentForOperatingLease_lbl">The percentage of increase in primary base payment of operating lease for extended period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfIncreaseInPrimaryBasePaymentForOperatingLease" xlink:to="pcyo_PercentageOfIncreaseInPrimaryBasePaymentForOperatingLease_lbl" xlink:title="label: PercentageOfIncreaseInPrimaryBasePaymentForOperatingLease to pcyo_PercentageOfIncreaseInPrimaryBasePaymentForOperatingLease_lbl" />
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<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6831885584">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Document and Entity Information - shares<br></strong></div></th>
<th class="th" colspan="1">6 Months Ended</th>
<th class="th" colspan="1"></th>
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<tr>
<th class="th"><div>Feb. 28, 2019</div></th>
<th class="th"><div>Apr. 05, 2019</div></th>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_DocumentAndEntityInformationAbstract', window );"><strong>Document And Entity Information</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_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">PURE CYCLE CORP<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_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0000276720<span></span>
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<td class="text">&#160;<span></span>
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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_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="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="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntitySmallBusiness', window );">Entity Small Business</a></td>
<td class="text">true<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">false<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_EntityExTransitionPeriod', window );">Entity Ex Transition Period</a></td>
<td class="text">false<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">23,801,598<span></span>
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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_dei_DocumentType', window );">Document Type</a></td>
<td class="text">10-Q<span></span>
</td>
<td class="text">&#160;<span></span>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_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="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">Feb. 28,  2019<span></span>
</td>
<td class="text">&#160;<span></span>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentFiscalYearFocus', window );">Document Fiscal Year Focus</a></td>
<td class="text">2019<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">Q2<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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<td><strong> Name:</strong></td>
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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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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 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">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentFiscalYearFocus</td>
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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>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<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>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</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_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 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ 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>
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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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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_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>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<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>instant</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_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript: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 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ 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_EntityEmergingGrowthCompany</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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<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_dei_EntityExTransitionPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 if registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards.</p></div>
<a href="javascript: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 Securities Act<br> -Number 7A<br> -Section B<br> -Subsection 2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ 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_EntityExTransitionPeriod</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></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>
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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_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), (5) Smaller Reporting Accelerated Filer or (6) Smaller Reporting Company and Large 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>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ 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_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 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ 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_EntitySmallBusiness">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicates that the company is a smaller reporting company with both a public float and revenues of less than $75 million.</p></div>
<a href="javascript: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 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ 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_EntitySmallBusiness</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:booleanItemType</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>12
<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;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6832419520">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($)<br></strong></div></th>
<th class="th"><div>Feb. 28, 2019</div></th>
<th class="th"><div>Aug. 31, 2018</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 equivalents</a></td>
<td class="nump">$ 3,977,307<span></span>
</td>
<td class="nump">$ 11,565,038<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">7,136,735<span></span>
</td>
<td class="nump">8,717,967<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">229,932<span></span>
</td>
<td class="nump">1,067,268<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_PrepaidExpenseAndOtherAssetsCurrent', window );">Prepaid expenses and other current assets</a></td>
<td class="nump">1,506,631<span></span>
</td>
<td class="nump">1,372,886<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_InventoryNet', window );">Inventories</a></td>
<td class="nump">12,144,114<span></span>
</td>
<td class="nump">5,195,059<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_AssetsCurrent', window );">Total current assets</a></td>
<td class="nump">24,994,719<span></span>
</td>
<td class="nump">27,918,218<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_LongTermInvestments', window );">Long-term investments</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">190,370<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Investments in water and water systems, net</a></td>
<td class="nump">41,993,268<span></span>
</td>
<td class="nump">36,721,884<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LandAndLandImprovements', window );">Land and mineral interests</a></td>
<td class="nump">4,795,845<span></span>
</td>
<td class="nump">4,659,569<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_NotesReceivableRelatedPartiesNoncurrent', window );">Notes receivable - related parties, including accrued interest</a></td>
<td class="nump">944,062<span></span>
</td>
<td class="nump">906,199<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssetsNoncurrent', window );">Other assets</a></td>
<td class="nump">885,398<span></span>
</td>
<td class="nump">777,734<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_RealEstateInvestments', window );">Long-term land investment</a></td>
<td class="nump">450,641<span></span>
</td>
<td class="nump">450,641<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_DeferredTaxAssetsLiabilitiesNet', window );">Deferred tax asset</a></td>
<td class="nump">282,000<span></span>
</td>
<td class="nump">282,000<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Assets', window );">Total assets</a></td>
<td class="nump">74,345,933<span></span>
</td>
<td class="nump">71,906,615<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_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="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsPayableCurrent', window );">Accounts payable</a></td>
<td class="nump">189,767<span></span>
</td>
<td class="nump">787,662<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">2,065,431<span></span>
</td>
<td class="nump">849,538<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_ContractWithCustomerLiabilityCurrent', window );">Deferred revenues, current</a></td>
<td class="nump">1,455,241<span></span>
</td>
<td class="nump">361,050<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_DeferredRevenueLeasesCurrent', window );">Deferred oil and gas lease payment, current</a></td>
<td class="nump">55,733<span></span>
</td>
<td class="nump">55,733<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_LiabilitiesCurrent', window );">Total current liabilities</a></td>
<td class="nump">3,766,172<span></span>
</td>
<td class="nump">2,053,983<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_ContractWithCustomerLiabilityNoncurrent', window );">Deferred revenues, less current portion</a></td>
<td class="nump">32,511<span></span>
</td>
<td class="nump">60,378<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_ParticipatingInterestsLiability', window );">Participating interests in Export Water Supply</a></td>
<td class="nump">333,275<span></span>
</td>
<td class="nump">339,035<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">4,131,958<span></span>
</td>
<td class="nump">2,453,396<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_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="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_PreferredStockValue', window );">Series B - par value $.001 per share, 25 million shares authorized; 432,513 shares issued and outstanding (liquidation preference of $432,513)</a></td>
<td class="nump">433<span></span>
</td>
<td class="nump">433<span></span>
</td>
</tr>
<tr class="re">
<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="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_CommonStockValueOutstanding', window );">Par value 1/3 of $.01 per share, 40 million shares authorized; 23,801,598 and 23,764,098 shares outstanding, respectively</a></td>
<td class="nump">79,344<span></span>
</td>
<td class="nump">79,218<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdditionalPaidInCapital', window );">Additional paid-in capital</a></td>
<td class="nump">172,107,735<span></span>
</td>
<td class="nump">171,831,293<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax', window );">Accumulated other comprehensive income</a></td>
<td class="nump">12,687<span></span>
</td>
<td class="nump">66,446<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RetainedEarningsAccumulatedDeficit', window );">Accumulated deficit</a></td>
<td class="num">(101,986,224)<span></span>
</td>
<td class="num">(102,524,171)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Total shareholders' equity</a></td>
<td class="nump">70,213,975<span></span>
</td>
<td class="nump">69,453,219<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAndStockholdersEquity', window );">Total liabilities and shareholders' equity</a></td>
<td class="nump">$ 74,345,933<span></span>
</td>
<td class="nump">$ 71,906,615<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_ParticipatingInterestsLiability">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Participating interests liability as of the balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pcyo_ParticipatingInterestsLiability</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_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://fasb.org/us-gaap/role/ref/legacyRef<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/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 606<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=109196051&amp;loc=SL49130549-203045<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<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></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ 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_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://fasb.org/us-gaap/role/ref/legacyRef<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://fasb.org/us-gaap/role/ref/legacyRef<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=114867106&amp;loc=d3e637-108580<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<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=114867106&amp;loc=SL7669686-108580<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<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=114867106&amp;loc=d3e681-108580<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://fasb.org/us-gaap/role/ref/legacyRef<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://fasb.org/us-gaap/role/ref/legacyRef<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><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 22<br> -URI http://asc.fasb.org/extlink&amp;oid=115929826&amp;loc=d3e8736-108599<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<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></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ 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://fasb.org/us-gaap/role/ref/legacyRef<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=82887183&amp;loc=d3e6801-107765<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<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 3: http://fasb.org/us-gaap/role/ref/legacyRef<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=82887183&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_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://fasb.org/us-gaap/role/ref/legacyRef<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=109223946&amp;loc=d3e3044-108585<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<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=82887183&amp;loc=d3e6676-107765<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<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_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://fasb.org/us-gaap/role/ref/legacyRef<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_ContractWithCustomerLiabilityCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 obligation to transfer good or service to customer for which consideration has been received or is receivable, classified as current.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 606<br> -SubTopic 10<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=82913815&amp;loc=SL49130532-203044<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 606<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=82913815&amp;loc=SL49130531-203044<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 606<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=109196051&amp;loc=SL49130549-203045<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ 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_ContractWithCustomerLiabilityCurrent</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_ContractWithCustomerLiabilityNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 obligation to transfer good or service to customer for which consideration has been received or is receivable, classified as noncurrent.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 606<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=109196051&amp;loc=SL49130549-203045<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 606<br> -SubTopic 10<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=82913815&amp;loc=SL49130532-203044<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 606<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=82913815&amp;loc=SL49130531-203044<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ 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_ContractWithCustomerLiabilityNoncurrent</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_DeferredRevenueLeasesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This element represents revenue received, but not recognized for financial reporting purposes, which is anticipated to be recognized for financial reporting purposes within one year of the reporting date or one operating cycle, if longer. Such deferred revenue may consist of and include amounts paid in advance by lessees and purchase price adjustments for leases acquired in a business combination or other transaction.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.26)<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_DeferredRevenueLeasesCurrent</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_DeferredTaxAssetsLiabilitiesNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<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=84230637&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_DeferredTaxAssetsLiabilitiesNet</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_InventoryNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 valuation and LIFO reserves of inventory expected to be sold, or consumed within one year or 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://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=82887183&amp;loc=d3e6676-107765<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 330<br> -SubTopic 10<br> -Section 35<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=68049868&amp;loc=d3e3927-108312<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.6(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_InventoryNet</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://fasb.org/us-gaap/role/ref/legacyRef<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=82887183&amp;loc=d3e6812-107765<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<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://fasb.org/us-gaap/role/ref/legacyRef<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://fasb.org/us-gaap/role/ref/legacyRef<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://fasb.org/us-gaap/role/ref/legacyRef<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://fasb.org/us-gaap/role/ref/legacyRef<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://fasb.org/us-gaap/role/ref/legacyRef<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_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://fasb.org/us-gaap/role/ref/legacyRef<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://fasb.org/us-gaap/role/ref/legacyRef<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 2: http://fasb.org/us-gaap/role/ref/legacyRef<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 3: http://fasb.org/us-gaap/role/ref/legacyRef<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 4: http://fasb.org/us-gaap/role/ref/legacyRef<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>
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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 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://fasb.org/us-gaap/role/ref/legacyRef<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>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</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_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://fasb.org/us-gaap/role/ref/legacyRef<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>
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<td><strong> Balance Type:</strong></td>
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<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_PrepaidExpenseAndOtherAssetsCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 in future periods, and amount of other assets that are expected to be realized or consumed 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://fasb.org/us-gaap/role/ref/legacyRef<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(7))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<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=82887183&amp;loc=d3e6676-107765<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<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(8))<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_PrepaidExpenseAndOtherAssetsCurrent</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://fasb.org/us-gaap/role/ref/legacyRef<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 2: http://fasb.org/us-gaap/role/ref/legacyRef<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><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<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://fasb.org/us-gaap/role/ref/legacyRef<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_PropertyPlantAndEquipmentNet</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_RealEstateInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 real estate investments, net of accumulated depreciation, which may include the following: (1) land available-for-sale; (2) land available-for-development; (3) investments in building and building improvements; (4) tenant allowances; (5) developments in-process; (6) rental properties; (7) other real estate investments; (8) real estate joint ventures; and (9) unconsolidated real estate and other joint ventures not separately presented.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03.1(d))<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_RealEstateInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
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<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://fasb.org/us-gaap/role/ref/legacyRef<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><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<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 3: http://fasb.org/us-gaap/role/ref/legacyRef<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_RetainedEarningsAccumulatedDeficit</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>
<td>xbrli:monetaryItemType</td>
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<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>
</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://fasb.org/us-gaap/role/ref/legacyRef<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><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<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 3: http://fasb.org/us-gaap/role/ref/legacyRef<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://fasb.org/us-gaap/role/ref/legacyRef<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 5: http://fasb.org/us-gaap/role/ref/legacyRef<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></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ 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>
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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>
</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://fasb.org/us-gaap/role/ref/legacyRef<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 2: http://fasb.org/us-gaap/role/ref/legacyRef<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 3: http://fasb.org/us-gaap/role/ref/legacyRef<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://fasb.org/us-gaap/role/ref/legacyRef<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></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ 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><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6832511600">
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<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>CONSOLIDATED BALANCE SHEETS (Parenthetical) (unaudited) - USD ($)<br></strong></div></th>
<th class="th"><div>Feb. 28, 2019</div></th>
<th class="th"><div>Aug. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_CommonStockAbstract', window );"><strong>Common stock:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockParOrStatedValuePerShare', window );">Common stock, par value (in dollars per share)</a></td>
<td class="nump">$ 0.003<span></span>
</td>
<td class="nump">$ 0.003<span></span>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesAuthorized', window );">Common stock, shares authorized (in shares)</a></td>
<td class="nump">40,000,000<span></span>
</td>
<td class="nump">40,000,000<span></span>
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<tr class="ro">
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<td class="nump">23,801,598<span></span>
</td>
<td class="nump">23,764,098<span></span>
</td>
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<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_StatementClassOfStockAxis=us-gaap_SeriesBPreferredStockMember', window );">Series B Preferred Stock [Member]</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_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_PreferredStockParOrStatedValuePerShare', window );">Preferred stock, par value (in dollars per share)</a></td>
<td class="nump">$ 0.001<span></span>
</td>
<td class="nump">$ 0.001<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_PreferredStockSharesAuthorized', window );">Preferred stock, shares authorized (in shares)</a></td>
<td class="nump">25,000,000<span></span>
</td>
<td class="nump">25,000,000<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_PreferredStockSharesIssued', window );">Preferred stock, shares issued (in shares)</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_PreferredStockSharesOutstanding', window );">Preferred stock, shares outstanding (in shares)</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_PreferredStockLiquidationPreferenceValue', window );">Liquidation preference</a></td>
<td class="nump">$ 432,513<span></span>
</td>
<td class="nump">$ 432,513<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>
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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_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_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://fasb.org/us-gaap/role/ref/legacyRef<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://fasb.org/us-gaap/role/ref/legacyRef<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_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://fasb.org/us-gaap/role/ref/legacyRef<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=109259400&amp;loc=d3e21463-112644<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<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_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://fasb.org/us-gaap/role/ref/legacyRef<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://fasb.org/us-gaap/role/ref/legacyRef<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://fasb.org/us-gaap/role/ref/legacyRef<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://fasb.org/us-gaap/role/ref/legacyRef<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_StatementClassOfStockAxis=us-gaap_SeriesBPreferredStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_StatementClassOfStockAxis=us-gaap_SeriesBPreferredStockMember</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>
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</tr>
</table></div>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6833707504">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (unaudited) - USD ($)<br></strong></div></th>
<th class="th" colspan="4">3 Months Ended</th>
<th class="th" colspan="3">6 Months Ended</th>
</tr>
<tr>
<th class="th" colspan="2"><div>Feb. 28, 2019</div></th>
<th class="th" colspan="2"><div>Feb. 28, 2018</div></th>
<th class="th"><div>Feb. 28, 2019</div></th>
<th class="th" colspan="2"><div>Feb. 28, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RevenuesAbstract', window );"><strong>Revenues:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax', window );">Total revenues</a></td>
<td class="nump">$ 2,630,419<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 844,661<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 5,702,968<span></span>
</td>
<td class="nump">$ 1,854,793<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></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_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="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>
</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_WaterServiceOperationsExpense', window );">Water service operations</a></td>
<td class="num">(229,620)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(136,804)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(564,784)<span></span>
</td>
<td class="num">(488,619)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></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_WastewaterServiceOperationsExpense', window );">Wastewater service operations</a></td>
<td class="num">(4,655)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(8,684)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(7,377)<span></span>
</td>
<td class="num">(14,671)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></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_LotFeeConstructionCosts', window );">Lot fee construction costs</a></td>
<td class="num">(1,829,598)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(3,127,922)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></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_OtherServicesExpense', window );">Other</a></td>
<td class="num">(31,140)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(24,127)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(70,273)<span></span>
</td>
<td class="num">(40,579)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostDepreciationAmortizationAndDepletion', window );">Depletion and depreciation</a></td>
<td class="num">(161,114)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(110,122)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(312,375)<span></span>
</td>
<td class="num">(230,720)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></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">(2,256,127)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(279,737)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(4,082,731)<span></span>
</td>
<td class="num">(774,589)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></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 profit</a></td>
<td class="nump">374,292<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">564,924<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,620,237<span></span>
</td>
<td class="nump">1,080,204<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></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">(559,608)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(519,626)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(1,198,441)<span></span>
</td>
<td class="num">(1,180,608)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepreciationNonproduction', window );">Depreciation</a></td>
<td class="num">(90,392)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(59,611)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(178,405)<span></span>
</td>
<td class="num">(113,999)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></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) income</a></td>
<td class="num">(275,708)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(14,313)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">243,391<span></span>
</td>
<td class="num">(214,403)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherIncomeAndExpensesAbstract', 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="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>
</tr>
<tr 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_RentalIncomeNonoperating', window );">Oil and gas lease income, net</a></td>
<td class="nump">13,934<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">13,933<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">27,867<span></span>
</td>
<td class="nump">23,222<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RoyaltyIncomeNonoperating', window );">Oil and gas royalty income, net</a></td>
<td class="nump">44,416<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">49,778<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">75,841<span></span>
</td>
<td class="nump">91,540<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></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">121,661<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">52,512<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">192,823<span></span>
</td>
<td class="nump">106,974<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherNonoperatingIncomeExpense', window );">Other</a></td>
<td class="num">(328)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(1,748)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(1,975)<span></span>
</td>
<td class="num">(3,782)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></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_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments', window );">Income (loss) from operations before income taxes</a></td>
<td class="num">(96,025)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">100,162<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">537,947<span></span>
</td>
<td class="nump">3,551<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></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 income (loss)</a></td>
<td class="num">(96,025)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">100,162<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">537,947<span></span>
</td>
<td class="nump">3,551<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></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 (losses)</a></td>
<td class="num">(65,555)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">11,096<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(53,759)<span></span>
</td>
<td class="nump">30,718<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></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 income (loss)</a></td>
<td class="num">$ (161,580)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 111,258<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 484,188<span></span>
</td>
<td class="nump">$ 34,269<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></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_EarningsPerShareBasic', window );">Basic net income (loss) per common share (in dollars per share)</a></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="nump">$ 0.02<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></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_EarningsPerShareDiluted', window );">Diluted net income (loss) per common share (in dollars per share)</a></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="nump">$ 0.02<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></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_WeightedAverageNumberOfSharesOutstandingBasic', window );">Weighted average common shares outstanding-basic (in shares)</a></td>
<td class="nump">23,799,931<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">23,760,765<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">23,786,181<span></span>
</td>
<td class="nump">23,757,431<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding', window );">Weighted average common shares outstanding-diluted (in shares)</a></td>
<td class="nump">23,799,931<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">23,915,194<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">23,995,760<span></span>
</td>
<td class="nump">23,893,272<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></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_srt_ProductOrServiceAxis=pcyo_MeteredWaterUsageMember', window );">Metered Water Usage [Member]</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="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>
</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_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="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>
</tr>
<tr 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_RevenueFromContractWithCustomerExcludingAssessedTax', window );">Total revenues</a></td>
<td class="nump">$ 159,018<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 803,771<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 1,526,869<span></span>
</td>
<td class="nump">$ 1,726,344<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></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_srt_ProductOrServiceAxis=pcyo_WastewaterTreatmentFeesMember', window );">Wastewater Treatment Fees [Member]</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="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>
</tr>
<tr 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="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>
</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_RevenueFromContractWithCustomerExcludingAssessedTax', window );">Total revenues</a></td>
<td class="nump">7,509<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">9,293<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">16,402<span></span>
</td>
<td class="nump">20,482<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></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_srt_ProductOrServiceAxis=pcyo_WaterTapFeeMember', window );">Water Tap Fees Recognized [Member]</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="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>
</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_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="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>
</tr>
<tr 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_RevenueFromContractWithCustomerExcludingAssessedTax', window );">Total revenues</a></td>
<td class="nump">467,076<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">721,902<span></span>
</td>
<td class="nump">49,948<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></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_srt_ProductOrServiceAxis=pcyo_LotSalesMember', window );">Lot Sales [Member]</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="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>
</tr>
<tr 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="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>
</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_RevenueFromContractWithCustomerExcludingAssessedTax', window );">Total revenues</a></td>
<td class="nump">1,946,381<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">3,327,577<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></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_srt_ProductOrServiceAxis=us-gaap_ServiceOtherMember', window );">Other [Member]</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="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>
</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_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="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>
</tr>
<tr 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_RevenueFromContractWithCustomerExcludingAssessedTax', window );">Total revenues</a></td>
<td class="nump">$ 50,435<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 31,597<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 110,218<span></span>
</td>
<td class="nump">$ 58,019<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr><td colspan="8"></td></tr>
<tr><td colspan="8"><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 $0.01 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_LotFeeConstructionCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Costs incurred related to lot fee construction costs.</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_LotFeeConstructionCosts</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_OtherServicesExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 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>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_OtherServicesExpense</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_WastewaterServiceOperationsExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cost incurred related 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_WastewaterServiceOperationsExpense</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_WaterServiceOperationsExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cost incurred related to water 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_WaterServiceOperationsExpense</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_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://fasb.org/us-gaap/role/ref/legacyRef<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=114867106&amp;loc=d3e557-108580<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1B<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=114867106&amp;loc=SL7669625-108580<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1A<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=114867106&amp;loc=SL7669619-108580<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_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_CostDepreciationAmortizationAndDepletion">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 expense for allocation of cost of tangible and intangible assets over their useful lives, and reduction in quantity of natural resource due to consumption directly used in production of good and rendering of service.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(b)(2))<br> -URI http://asc.fasb.org/extlink&amp;oid=115205541&amp;loc=SL114868664-224227<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ 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_CostDepreciationAmortizationAndDepletion</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://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<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=115205541&amp;loc=SL114868664-224227<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ 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_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://fasb.org/us-gaap/role/ref/legacyRef<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=109223946&amp;loc=d3e3602-108585<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<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_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_EarningsPerShareBasic">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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) for the period per each share of common stock or unit outstanding 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/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(19))<br> -URI http://asc.fasb.org/extlink&amp;oid=114873790&amp;loc=SL114874131-224263<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 7<br> -URI http://asc.fasb.org/extlink&amp;oid=109260490&amp;loc=d3e1337-109256<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 55<br> -Paragraph 52<br> -URI http://asc.fasb.org/extlink&amp;oid=109256448&amp;loc=d3e4984-109258<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<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=115205541&amp;loc=SL114868664-224227<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22694-107794<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<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 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=109260490&amp;loc=d3e1252-109256<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(23))<br> -URI http://asc.fasb.org/extlink&amp;oid=114873765&amp;loc=SL114874048-224260<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 60B<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=109260490&amp;loc=SL5780133-109256<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ 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_EarningsPerShareBasic</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_EarningsPerShareDiluted">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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) 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>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 55<br> -Paragraph 52<br> -URI http://asc.fasb.org/extlink&amp;oid=109256448&amp;loc=d3e4984-109258<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=109260490&amp;loc=d3e1252-109256<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<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 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(23))<br> -URI http://asc.fasb.org/extlink&amp;oid=114873765&amp;loc=SL114874048-224260<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22694-107794<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 7<br> -URI http://asc.fasb.org/extlink&amp;oid=109260490&amp;loc=d3e1337-109256<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<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=115205541&amp;loc=SL114868664-224227<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 60B<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=109260490&amp;loc=SL5780133-109256<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(19))<br> -URI http://asc.fasb.org/extlink&amp;oid=114873790&amp;loc=SL114874131-224263<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ 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_EarningsPerShareDiluted</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_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://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<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=115205541&amp;loc=SL114868664-224227<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ 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://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<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=115205541&amp;loc=SL114868664-224227<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ 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_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://fasb.org/us-gaap/role/ref/legacyRef<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_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://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<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=115205541&amp;loc=SL114868664-224227<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 22<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=115929826&amp;loc=d3e8736-108599<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ 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/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1A<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=114867106&amp;loc=SL7669619-108580<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(22))<br> -URI http://asc.fasb.org/extlink&amp;oid=114873765&amp;loc=SL114874048-224260<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1B<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=114867106&amp;loc=SL7669625-108580<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(18))<br> -URI http://asc.fasb.org/extlink&amp;oid=114873790&amp;loc=SL114874131-224263<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<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=115205541&amp;loc=SL114868664-224227<br><br>Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef<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=109223946&amp;loc=d3e3602-108585<br><br>Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef<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>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ 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_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>
</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_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>
</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://fasb.org/us-gaap/role/ref/legacyRef<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=114867106&amp;loc=SL7669646-108580<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<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=114867106&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_OtherIncomeAndExpensesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_OtherIncomeAndExpensesAbstract</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_OtherNonoperatingIncomeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 (expense) 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://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.9)<br> -URI http://asc.fasb.org/extlink&amp;oid=115205541&amp;loc=SL114868664-224227<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ 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_OtherNonoperatingIncomeExpense</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>
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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>Income earned by providing the use of assets to an outside party in exchange for a payment or series of payments that is nonoperating in nature.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<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=115205541&amp;loc=SL114868664-224227<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ 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_RentalIncomeNonoperating</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, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 606<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=109196051&amp;loc=SL49130543-203045<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 606<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=109196051&amp;loc=SL49130539-203045<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 606<br> -SubTopic 10<br> -Section 50<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=109196051&amp;loc=SL49130545-203045<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ 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_RevenueFromContractWithCustomerExcludingAssessedTax</td>
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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;">us-gaap_RevenuesAbstract</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Ancillary revenue earned during the period from the consideration paid to the entity for the use of its rights and property by another party. Examples include licensing the use of copyrighted materials and leasing the extraction 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://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<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=115205541&amp;loc=SL114868664-224227<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ 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_RoyaltyIncomeNonoperating</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding">
<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>The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units 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://fasb.org/us-gaap/role/ref/legacyRef<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 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 16<br> -URI http://asc.fasb.org/extlink&amp;oid=109260490&amp;loc=d3e1505-109256<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ 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_WeightedAverageNumberOfDilutedSharesOutstanding</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic">
<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>Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 10<br> -URI http://asc.fasb.org/extlink&amp;oid=109260490&amp;loc=d3e1448-109256<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<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></p></div>
<a href="javascript:void(0);" 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 );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (unaudited) - USD ($)<br></strong></div></th>
<th class="th"><div>Preferred Stock [Member]</div></th>
<th class="th"><div>Common Stock [Member]</div></th>
<th class="th"><div>Additional Paid-in Capital [Member]</div></th>
<th class="th"><div>Accumulated Other Comprehensive Income (Loss) [Member]</div></th>
<th class="th"><div>Accumulated Deficit [Member]</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_IncreaseDecreaseInStockholdersEquityRollForward', window );"><strong>Increase (Decrease) in Stockholders' Equity [Roll Forward]</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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption', window );">Adoption of accounting standards</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 1,055,049<span></span>
</td>
<td class="nump">$ 1,055,049<span></span>
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<td class="nump">$ 433<span></span>
</td>
<td class="nump">$ 79,185<span></span>
</td>
<td class="nump">171,431,486<span></span>
</td>
<td class="num">(11,105)<span></span>
</td>
<td class="num">(103,993,900)<span></span>
</td>
<td class="nump">67,506,099<span></span>
</td>
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<tr class="rc">
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<td class="nump">432,513<span></span>
</td>
<td class="nump">23,754,098<span></span>
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<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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<tr 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_IncreaseDecreaseInStockholdersEquityRollForward', window );"><strong>Increase (Decrease) in Stockholders' Equity [Roll Forward]</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="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 );">Stock option exercises</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 33<span></span>
</td>
<td class="nump">74,967<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">75,000<span></span>
</td>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised', window );">Stock option exercises (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10,000<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>
</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_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition', window );">Share-based compensation</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">157,578<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">157,578<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="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">3,551<span></span>
</td>
<td class="nump">3,551<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="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">30,718<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">30,718<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 at Feb. 28, 2018</a></td>
<td class="nump">$ 433<span></span>
</td>
<td class="nump">$ 79,218<span></span>
</td>
<td class="nump">171,664,031<span></span>
</td>
<td class="nump">19,613<span></span>
</td>
<td class="num">(102,935,300)<span></span>
</td>
<td class="nump">68,827,995<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 (in shares) at Feb. 28, 2018</a></td>
<td class="nump">432,513<span></span>
</td>
<td class="nump">23,764,098<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>
</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 at Nov. 30, 2017</a></td>
<td class="nump">$ 433<span></span>
</td>
<td class="nump">$ 79,185<span></span>
</td>
<td class="nump">171,511,679<span></span>
</td>
<td class="nump">8,517<span></span>
</td>
<td class="num">(103,035,462)<span></span>
</td>
<td class="nump">68,564,352<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 (in shares) at Nov. 30, 2017</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>
</tr>
<tr 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_IncreaseDecreaseInStockholdersEquityRollForward', window );"><strong>Increase (Decrease) in Stockholders' Equity [Roll Forward]</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="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 );">Stock option exercises</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 33<span></span>
</td>
<td class="nump">74,967<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">75,000<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_StockIssuedDuringPeriodSharesStockOptionsExercised', window );">Stock option exercises (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10,000<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>
</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_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition', window );">Share-based compensation</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">77,385<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">77,385<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="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">100,162<span></span>
</td>
<td class="nump">100,162<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="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">11,096<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">11,096<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 at Feb. 28, 2018</a></td>
<td class="nump">$ 433<span></span>
</td>
<td class="nump">$ 79,218<span></span>
</td>
<td class="nump">171,664,031<span></span>
</td>
<td class="nump">19,613<span></span>
</td>
<td class="num">(102,935,300)<span></span>
</td>
<td class="nump">68,827,995<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 (in shares) at Feb. 28, 2018</a></td>
<td class="nump">432,513<span></span>
</td>
<td class="nump">23,764,098<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>
</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 at Aug. 31, 2018</a></td>
<td class="nump">$ 433<span></span>
</td>
<td class="nump">$ 79,218<span></span>
</td>
<td class="nump">171,831,293<span></span>
</td>
<td class="nump">66,446<span></span>
</td>
<td class="num">(102,524,171)<span></span>
</td>
<td class="nump">69,453,219<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 (in shares) at Aug. 31, 2018</a></td>
<td class="nump">432,513<span></span>
</td>
<td class="nump">23,764,098<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>
</tr>
<tr 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_IncreaseDecreaseInStockholdersEquityRollForward', window );"><strong>Increase (Decrease) in Stockholders' Equity [Roll Forward]</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="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 );">Stock option exercises</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 126<span></span>
</td>
<td class="nump">114,725<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">114,851<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_StockIssuedDuringPeriodSharesStockOptionsExercised', window );">Stock option exercises (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">37,500<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>
</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_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition', window );">Share-based compensation</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">161,717<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">161,717<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="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">537,947<span></span>
</td>
<td class="nump">537,947<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="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(53,759)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(53,759)<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 at Feb. 28, 2019</a></td>
<td class="nump">$ 433<span></span>
</td>
<td class="nump">$ 79,344<span></span>
</td>
<td class="nump">172,107,735<span></span>
</td>
<td class="nump">12,687<span></span>
</td>
<td class="num">(101,986,224)<span></span>
</td>
<td class="nump">70,213,975<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 (in shares) at Feb. 28, 2019</a></td>
<td class="nump">432,513<span></span>
</td>
<td class="nump">23,801,598<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>
</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 at Nov. 30, 2018</a></td>
<td class="nump">$ 433<span></span>
</td>
<td class="nump">$ 79,302<span></span>
</td>
<td class="nump">172,012,936<span></span>
</td>
<td class="nump">78,242<span></span>
</td>
<td class="num">(101,890,199)<span></span>
</td>
<td class="nump">70,280,714<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 (in shares) at Nov. 30, 2018</a></td>
<td class="nump">432,513<span></span>
</td>
<td class="nump">23,789,098<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>
</tr>
<tr 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_IncreaseDecreaseInStockholdersEquityRollForward', window );"><strong>Increase (Decrease) in Stockholders' Equity [Roll Forward]</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="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 );">Stock option exercises</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 42<span></span>
</td>
<td class="nump">36,558<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">36,600<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised', window );">Stock option exercises (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">12,500<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>
</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_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition', window );">Share-based compensation</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">58,241<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">58,241<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="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(96,025)<span></span>
</td>
<td class="num">(96,025)<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="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(65,555)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(65,555)<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 at Feb. 28, 2019</a></td>
<td class="nump">$ 433<span></span>
</td>
<td class="nump">$ 79,344<span></span>
</td>
<td class="nump">$ 172,107,735<span></span>
</td>
<td class="nump">$ 12,687<span></span>
</td>
<td class="num">$ (101,986,224)<span></span>
</td>
<td class="nump">$ 70,213,975<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 (in shares) at Feb. 28, 2019</a></td>
<td class="nump">432,513<span></span>
</td>
<td class="nump">23,801,598<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>
</tr>
</table>
<div style="display: none;">
<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>Amount of increase to additional paid-in capital (APIC) from recognition of equity-based compensation for stock 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_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition</td>
</tr>
<tr>
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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 after tax of increase (decrease) to equity or (increase) decrease to net assets, resulting from the cumulative effect adjustment of a new accounting principle applied in the period of adoption.</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>
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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>A roll forward is a reconciliation of a concept from the beginning of a period to the end of a 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_IncreaseDecreaseInStockholdersEquityRollForward</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>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/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1A<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=114867106&amp;loc=SL7669619-108580<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(22))<br> -URI http://asc.fasb.org/extlink&amp;oid=114873765&amp;loc=SL114874048-224260<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1B<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=114867106&amp;loc=SL7669625-108580<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(18))<br> -URI http://asc.fasb.org/extlink&amp;oid=114873790&amp;loc=SL114874131-224263<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<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=115205541&amp;loc=SL114868664-224227<br><br>Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef<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=109223946&amp;loc=d3e3602-108585<br><br>Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef<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>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ 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>
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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://fasb.org/us-gaap/role/ref/legacyRef<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=114867106&amp;loc=SL7669646-108580<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<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=114867106&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>
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<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>
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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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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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://fasb.org/us-gaap/role/ref/legacyRef<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=109197908&amp;loc=d3e5070-113901<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<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://fasb.org/us-gaap/role/ref/legacyRef<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://fasb.org/us-gaap/role/ref/legacyRef<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 5: http://fasb.org/us-gaap/role/ref/legacyRef<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=109259400&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_StockIssuedDuringPeriodSharesStockOptionsExercised</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</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_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://fasb.org/us-gaap/role/ref/legacyRef<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=109259400&amp;loc=d3e21463-112644<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<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://fasb.org/us-gaap/role/ref/legacyRef<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></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ 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>
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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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<tr>
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<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_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://fasb.org/us-gaap/role/ref/legacyRef<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 2: http://fasb.org/us-gaap/role/ref/legacyRef<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 3: http://fasb.org/us-gaap/role/ref/legacyRef<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://fasb.org/us-gaap/role/ref/legacyRef<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></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ 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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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6820369664">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)<br></strong></div></th>
<th class="th" colspan="2">6 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Feb. 28, 2019</div></th>
<th class="th"><div>Feb. 28, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Cash flows from operating activities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income</a></td>
<td class="nump">$ 537,947<span></span>
</td>
<td class="nump">$ 3,551<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Adjustments to reconcile net income (loss) to net cash used in operating activities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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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_DepreciationDepletionAndAmortization', window );">Depreciation and depletion</a></td>
<td class="nump">490,780<span></span>
</td>
<td class="nump">344,719<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_ProvisionForDoubtfulAccounts', window );">Recovery of bad debt expense</a></td>
<td class="num">(31,233)<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_IncomeLossFromEquityMethodInvestments', window );">Equity loss in Well Enhancement Recovery Systems, LLC</a></td>
<td class="nump">5,203<span></span>
</td>
<td class="nump">5,204<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensation', window );">Share-based compensation expense</a></td>
<td class="nump">161,717<span></span>
</td>
<td class="nump">157,578<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_InterestIncomeAndOtherNonCashItems', window );">Interest income and other non-cash items</a></td>
<td class="num">(210)<span></span>
</td>
<td class="nump">30,508<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_InterestIncomeRelatedParty', window );">Interest added to receivable from related parties</a></td>
<td class="num">(19,885)<span></span>
</td>
<td class="num">(15,057)<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>
</tr>
<tr 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="nump">868,570<span></span>
</td>
<td class="num">(226,092)<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">(133,745)<span></span>
</td>
<td class="num">(1,091,882)<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_IncreaseDecreaseInInventories', window );">Inventories</a></td>
<td class="num">(5,016,918)<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_IncreaseDecreaseInNotesReceivableRelatedParties', window );">Notes receivable - related parties</a></td>
<td class="num">(17,978)<span></span>
</td>
<td class="num">(60,244)<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_IncreaseDecreaseInOtherOperatingAssets', window );">Other assets</a></td>
<td class="num">(90,097)<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_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities', window );">Accounts payable and accrued liabilities</a></td>
<td class="num">(1,314,140)<span></span>
</td>
<td class="num">(332,008)<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_IncreaseDecreaseInContractWithCustomerLiability', window );">Deferred revenues</a></td>
<td class="nump">1,094,191<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_IncreaseDecreaseInDeferredRevenueLeases', window );">Deferred oil and gas lease payment</a></td>
<td class="num">(27,867)<span></span>
</td>
<td class="nump">143,978<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivities', window );">Net cash used in operating activities</a></td>
<td class="num">(3,493,665)<span></span>
</td>
<td class="num">(1,039,745)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract', window );"><strong>Cash flows from investing activities:</strong></a></td>
<td class="text">&#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_ProceedsFromSaleMaturityAndCollectionOfShorttermInvestments', window );">Sales and maturities of short-term investments</a></td>
<td class="nump">22,555,619<span></span>
</td>
<td class="nump">2,928,145<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_PaymentsToAcquireShortTermInvestments', window );">Purchase of short-term investments</a></td>
<td class="num">(20,837,776)<span></span>
</td>
<td class="num">(1,244,889)<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_PaymentsToAcquireWaterWaterSystemsAndLand', window );">Investments in water, water systems, and land</a></td>
<td class="num">(5,788,964)<span></span>
</td>
<td class="num">(1,769,695)<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_PaymentsToExploreAndDevelopOilAndGasProperties', window );">Investments in Sky Ranch development</a></td>
<td class="nump">0<span></span>
</td>
<td class="num">(1,490,000)<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_PaymentsToAcquirePropertyPlantAndEquipment', window );">Purchase of property and equipment</a></td>
<td class="num">(132,034)<span></span>
</td>
<td class="num">(160,699)<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 used in investing activities</a></td>
<td class="num">(4,203,155)<span></span>
</td>
<td class="num">(1,737,138)<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>
</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_ProceedsFromRelatedPartyDebt', window );">Proceeds from note receivable - related parties</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">215,504<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_ProceedsFromIssuanceOfCommonStock', window );">Proceeds from the issuance of stock</a></td>
<td class="nump">114,851<span></span>
</td>
<td class="nump">75,000<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_PaymentsToContingentLiabilityHolders', window );">Payments to contingent liability holders</a></td>
<td class="num">(5,762)<span></span>
</td>
<td class="num">(1,621)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivities', window );">Net cash provided by (used in) financing activities</a></td>
<td class="nump">109,089<span></span>
</td>
<td class="nump">288,883<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease', window );">Net change in cash and cash equivalents</a></td>
<td class="num">(7,587,731)<span></span>
</td>
<td class="num">(2,488,000)<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_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents - beginning of period</a></td>
<td class="nump">11,565,038<span></span>
</td>
<td class="nump">5,575,823<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents - end of period</a></td>
<td class="nump">3,977,307<span></span>
</td>
<td class="nump">3,087,823<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_SupplementalCashFlowElementsAbstract', window );"><strong>SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES</strong></a></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_InventoriesIncludedInAccountsPayableAndAccruedLiabilities', window );">Inventories included in accounts payable and accrued liabilities</a></td>
<td class="nump">$ 1,932,137<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_IncreaseDecreaseInDeferredRevenueLeases">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 obligation created by deferred revenue leases.</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_IncreaseDecreaseInDeferredRevenueLeases</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_InterestIncomeAndOtherNonCashItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 non-cash income recognized 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_InterestIncomeAndOtherNonCashItems</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_InventoriesIncludedInAccountsPayableAndAccruedLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 inventories included in accounts payable and accrued liabilities in noncash transactions.</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_InventoriesIncludedInAccountsPayableAndAccruedLiabilities</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_PaymentsToAcquireWaterWaterSystemsAndLand">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 water, water systems and land.</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_PaymentsToAcquireWaterWaterSystemsAndLand</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_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>Amount of cash outflow for the payment of 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_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://fasb.org/us-gaap/role/ref/legacyRef<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=109223946&amp;loc=d3e3044-108585<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<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=82887183&amp;loc=d3e6676-107765<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<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>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_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_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/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 22<br> -Subparagraph (e)<br> -URI http://asc.fasb.org/extlink&amp;oid=115929826&amp;loc=d3e8736-108599<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<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=109223946&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_IncomeLossFromEquityMethodInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(12))<br> -URI http://asc.fasb.org/extlink&amp;oid=115205541&amp;loc=SL114868664-224227<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(10))<br> -URI http://asc.fasb.org/extlink&amp;oid=114873790&amp;loc=SL114874131-224263<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<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=109223946&amp;loc=d3e3602-108585<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(13)(f))<br> -URI http://asc.fasb.org/extlink&amp;oid=114873765&amp;loc=SL114874048-224260<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 22<br> -Subparagraph (g)<br> -URI http://asc.fasb.org/extlink&amp;oid=115929826&amp;loc=d3e8736-108599<br><br>Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=109237563&amp;loc=d3e33749-111570<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ 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_IncomeLossFromEquityMethodInvestments</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_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://fasb.org/us-gaap/role/ref/legacyRef<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=109223946&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://fasb.org/us-gaap/role/ref/legacyRef<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=109223946&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_IncreaseDecreaseInContractWithCustomerLiability">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 obligation to transfer good or service to customer for which consideration has been received or is 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/2009/role/commonPracticeRef<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=109223946&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_IncreaseDecreaseInContractWithCustomerLiability</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_IncreaseDecreaseInInventories">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 aggregate value of all inventory held by the reporting entity, associated with underlying transactions that are classified as operating activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<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=109223946&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_IncreaseDecreaseInInventories</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_IncreaseDecreaseInNotesReceivableRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 owed to the reporting entity in the form of loans and obligations (generally evidenced by promissory notes) made to the following types of related parties: a parent company and its subsidiaries; subsidiaries of a common parent; an entity and trust for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of the entity's management, an entity and its principal owners, management, or member of their immediate families, affiliates, or other parties with the ability to exert significant influence.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<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=109223946&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_IncreaseDecreaseInNotesReceivableRelatedParties</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_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_IncreaseDecreaseInOtherOperatingAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 operating 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://fasb.org/us-gaap/role/ref/legacyRef<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=109223946&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_IncreaseDecreaseInOtherOperatingAssets</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_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://fasb.org/us-gaap/role/ref/legacyRef<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=109223946&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_InterestIncomeRelatedParty">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 income earned from interest-bearing assets owed to the entity by related party.</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_InterestIncomeRelatedParty</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/disclosureRef<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=109223946&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_NetCashProvidedByUsedInFinancingActivities</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 );">- 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>
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<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/disclosureRef<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=109223946&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_NetCashProvidedByUsedInInvestingActivities</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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<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<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>
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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 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://fasb.org/us-gaap/role/ref/legacyRef<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=109223946&amp;loc=d3e3536-108585<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<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=109223946&amp;loc=d3e3521-108585<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<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=109223946&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_NetCashProvidedByUsedInOperatingActivities</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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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></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>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
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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_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/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1A<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=114867106&amp;loc=SL7669619-108580<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(22))<br> -URI http://asc.fasb.org/extlink&amp;oid=114873765&amp;loc=SL114874048-224260<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1B<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=114867106&amp;loc=SL7669625-108580<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(18))<br> -URI http://asc.fasb.org/extlink&amp;oid=114873790&amp;loc=SL114874131-224263<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<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=115205541&amp;loc=SL114868664-224227<br><br>Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef<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=109223946&amp;loc=d3e3602-108585<br><br>Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef<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>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ 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 class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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://fasb.org/us-gaap/role/ref/legacyRef<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=109223946&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>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></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 securities or other assets acquired, which qualify for treatment as an investing activity and are to be liquidated, if necessary, within the current operating cycle. Includes cash flows from securities classified as trading securities that were acquired for reasons other than sale in the short-term.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<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=109223946&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_PaymentsToAcquireShortTermInvestments</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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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToExploreAndDevelopOilAndGasProperties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 exploration and development of oil and gas properties. It includes cash payments related to development of oil and gas wells drilled at previously untested geologic structures (to determine the presence of oil or gas) and wells drilled at sites where the presence of oil or gas has already been established (to extract the oil or gas).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<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=109223946&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_PaymentsToExploreAndDevelopOilAndGasProperties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
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<td><strong> Period Type:</strong></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_ProceedsFromIssuanceOfCommonStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from the additional capital contribution to the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=109223946&amp;loc=d3e3255-108585<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_ProceedsFromIssuanceOfCommonStock</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>
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</tr>
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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_ProceedsFromRelatedPartyDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from a long-term borrowing made 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. Alternate caption: Proceeds from Advances from Affiliates.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=109223946&amp;loc=d3e3255-108585<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_ProceedsFromRelatedPartyDebt</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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</tr>
</table></div>
</div></td></tr>
</table>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6823221600">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>PRESENTATION OF INTERIM INFORMATION<br></strong></div></th>
<th class="th" colspan="1">6 Months Ended</th>
</tr>
<tr><th class="th"><div>Feb. 28, 2019</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_AccountingPoliciesAbstract', window );"><strong>PRESENTATION OF INTERIM INFORMATION [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</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_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureAndSignificantAccountingPoliciesTextBlock', window );">PRESENTATION OF INTERIM INFORMATION</a></td>
<td class="text"><div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">NOTE 1 &#8211; PRESENTATION OF INTERIM INFORMATION</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The <font style="font-size: 10pt; font-family: 'Times New Roman';">February 28, 2019</font> consolidated balance sheet, the consolidated statements of operations and comprehensive income (loss) for the <font style="font-size: 10pt; font-family: 'Times New Roman';">three and six months</font> ended <font style="font-size: 10pt; font-family: 'Times New Roman';">February 28, 2019</font> and <font style="font-size: 10pt; font-family: 'Times New Roman';">2018</font>, the consolidated statements of shareholders&#8217; equity for the three and <font style="font-size: 10pt; font-family: 'Times New Roman';">six</font> months ended <font style="font-size: 10pt; font-family: 'Times New Roman';">February 28, 2019</font> and <font style="font-size: 10pt; font-family: 'Times New Roman';">2018</font>, and the consolidated statements of cash flows for the <font style="font-size: 10pt; font-family: 'Times New Roman';">six</font> months ended <font style="font-size: 10pt; font-family: 'Times New Roman';">February 28, 2019</font> and <font style="font-size: 10pt; font-family: 'Times New Roman';">2018</font> have been prepared by Pure Cycle Corporation (the &#8220;Company&#8221;) and have not been audited. The unaudited consolidated financial statements include all adjustments that are, in the opinion of management, necessary to present fairly the financial position, results of operations and cash flows at <font style="font-size: 10pt; font-family: 'Times New Roman';">February 28, 2019</font>, and for all periods presented.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (&#8220;GAAP&#8221;) have been condensed or omitted. It is suggested that these consolidated financial statements be read in conjunction with the financial statements and notes thereto included in the Company&#8217;s Annual Report on Form 10-K for the fiscal year ended <font style="font-size: 10pt; font-family: 'Times New Roman';">August 31, 2018</font> (the &#8220;2018 Annual Report&#8221;) filed with the Securities and Exchange Commission (the &#8220;SEC&#8221;) on November 13, 2018. The results of operations for interim periods presented are not necessarily indicative of the operating results for the full fiscal year. The <font style="font-size: 10pt; font-family: 'Times New Roman';">August 31, 2018</font> balance sheet was derived from the Company&#8217;s audited consolidated financial statements.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"><u>Reclassifications</u></font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">Certain reclassifications have been made to the </font><font style="font-size: 10pt; font-family: 'Times New Roman';">2018</font><font style="font-size: 10pt; font-family: 'Times New Roman';"> financial statements to conform to the consolidated 2019 financial statement presentation. These reclassifications had no effect on net earnings or cash flows previously reported.</font></font></div><div><br /></div><div style="text-align: justify;"><font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"><u>Use of Estimates</u></font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The preparation of consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"><u>Cash and Cash Equivalents</u></font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Cash and cash equivalents include all highly liquid debt instruments with original maturities of three months or less. The Company&#8217;s cash equivalents are comprised entirely of money market funds maintained at a reputable financial institution. At various times during the three months ended <font style="font-size: 10pt; font-family: 'Times New Roman';">February 28, 2019</font>, the Company&#8217;s main operating account exceeded federally insured limits. To date, the Company has not suffered a loss due to such excess balance.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"><u>Land Development Inventories</u></font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Inventories primarily include land held for development and sale and are stated at cost. Capitalized lot development costs at Sky Ranch are costs incurred to construct finished lots at Sky Ranch that meet the Company&#8217;s capitalization criteria for improvements to a lot and are capitalized as incurred. The Company capitalizes certain legal, engineering, design, permitting, land acquisition, and construction costs related to the development of lots at Sky Ranch. The Company uses the specific identification method for the purpose of accumulating land development costs and allocates costs to each lot to determine the cost basis for each lot sale. The Company records land cost of sales for two of three of our builders over time based on inputs of costs to total costs and for one builder at a point in time as lots are delivered.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">In accordance with Accounting Standards Codification (&#8220;ASC&#8221;) Topic 360, <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Property, Plant and Equipment</font> (&#8220;ASC 360&#8221;), the Company measures land held for sale at the lower of the carrying value or fair value less estimated costs to sell. In determining fair value, the Company primarily relies upon the most recent negotiated price. If a negotiated price is not available, the Company will consider several factors, including, but not limited to, current market conditions, recent comparable sales transactions and market analysis studies. If the fair value less estimated costs to sell is lower than the current carrying value, the land is impaired to its estimated fair value less costs to sell.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"><u>Contract Asset</u></font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">Contract receivables are recorded at the invoiced amount and do not bear interest. Credit is extended based on the evaluation of a customer&#8217;s financial condition and collateral is not required. </font>Contract asset<font style="font-size: 10pt; font-family: 'Times New Roman';"> is revenue which has been earned but not invoiced. The contract assets are transferred to the receivables when the Company has the right to bill such amounts and they are invoiced.</font></font></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><br /></font></div><div style="text-align: justify;"><font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"><u>Investments</u></font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Management determines the appropriate classification of its investments in certificates of deposit and U.S. Treasury debt securities at the time of purchase and re-evaluates such determinations each reporting period.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Certificates of deposit and U.S. Treasury 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 $191,600 of investments classified as held-to-maturity at <font style="font-size: 10pt; font-family: 'Times New Roman';">February 28, 2019</font>, which represent certificates of deposit with a maturity date in October 2019.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Securities that the Company does not have the positive intent or ability to hold to maturity, including certificates of deposit and U.S. Treasury debt securities, are reported at their fair value. Changes in value of such securities are recorded as a component of <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Accumulated other comprehensive income (loss).</font> The cost of securities sold is based on the specific identification method. The Company&#8217;s U.S. Treasury debt securities matured at various dates through March 2019.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"><u>Concentration of Credit Risk and Fair Value</u></font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">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, certificates of deposit and U.S. Treasury obligations. To date, the Company has not experienced significant losses on any of these investments.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">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><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Cash and Cash Equivalents &#8211;</font> 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 amounts of cash and cash equivalents approximate fair value.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Trade Accounts Receivable &#8211;</font> The Company records accounts receivable net of allowances for uncollectible accounts.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Investments &#8211; </font>The carrying amounts of investments approximate fair value. The Company also holds a certificate of deposit that is not carried at fair value on the consolidated balance sheets and is classified as a held-to-maturity security. Investments are described further in Note 2 &#8211; <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Fair Value Measurements.</font></font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Accounts Payable &#8211;</font> The carrying amounts of accounts payable approximate fair value due to the relatively short period to maturity for these instruments.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Long-Term Financial Liabilities</font><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"> &#8211;</font> Comprehensive Amendment Agreement No. 1 (the &#8220;CAA&#8221;) is comprised of a recorded balance sheet and an off-balance sheet or &#8220;contingent&#8221; obligation associated with the Company&#8217;s acquisition of its &#8220;Rangeview Water Supply&#8221; (as defined in Note 4 &#8211; <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Water and Land Assets</font> in Part II, Item 8 of the 2018 Annual Report). The amount payable is a fixed amount but is repayable only upon the sale of &#8220;Export Water&#8221; (as defined in Note 4 &#8211; <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Water and Land Assets</font> in Part II, Item 8 of the 2018 Annual Report). Because of the uncertainty of the sale of Export Water, the Company has determined that the contingent portion of the CAA does not have a determinable fair value. The CAA is described further in Note 4 &#8211; <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Long-Term Obligations and Operating Lease &#8211; Participating Interests in Export Water Supply</font>.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Notes Receivable &#8211; Related Parties</font><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"> &#8211; </font>The carrying amounts of the notes receivable &#8211; related parties: Rangeview Metropolitan District (the &#8220;Rangeview District&#8221;), Sky Ranch Metropolitan District No. 5, and the Sky Ranch Community Authority Board (the &#8220;CAB&#8221;) approximate their fair value because the interest rates on the notes approximate market rates.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Off-Balance Sheet Instruments &#8211; </font>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 4 &#8211; <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Long-Term Obligations and Operating Lease &#8211; Participating Interests in Export Water Supply</font>.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"><u>Revenue Recognition</u></font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Company disaggregates revenue by major product line as reported on the consolidated statements of operations and comprehensive income (loss).</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Company generates revenues through two lines of business. Revenues are derived through its wholesale water and wastewater business and through the sale of developed land primarily for residential lots, both of which businesses are described below.</font></div><div><br /></div><div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Wholesale Water and Wastewater Fees</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Company generates revenues through its wholesale water and wastewater business predominantly from three sources: (i) monthly wholesale water usage fees and wastewater service fees, including monthly usage fees for water deliveries to the oil and gas industry for hydraulic fracturing, (ii) one-time water and wastewater tap fees and construction fees/Special Facility funding (as defined below), and (iii) consulting fees. Because these items are separately delivered and distinct, the Company accounts for each of the items separately, as described below.</font></div><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"><tr><td style="width: 18pt;"><br /></td><td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(i)</font></td><td style="width: auto; vertical-align: top; text-align: justify;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Monthly water usage and wastewater treatment fees</u></font>&#160;<font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">&#8211;</font> 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 at a point in time 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 Export Water and other portions of its Rangeview Water Supply off the &#8220;Lowry Range&#8221; (as described in Note 4 &#8211; <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Water and Land Assets</font> in Part II, Item 8 of the 2018 Annual Report) are shown gross of royalties to the State of Colorado Board of Land Commissioners (the &#8220;Land Board&#8221;). The Company is the distributor of the Export Water and sets pricing for the sale of Export Water. 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 Rangeview District. For water sales on the Lowry Range, the Rangeview District is directly selling the water and deemed the distributor of the water. The Rangeview District sets the price for the water sales on the Lowry Range. See further description of Export Water, the Lowry Range, and the Rangeview Water Supply in Note 4 &#8211; <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Water and Land Assets</font> under &#8220;Rangeview Water Supply and Water System&#8221; in Part II, Item 8 of the 2018 Annual Report.</font></div></td></tr></table><div><br /></div><div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">In addition to providing domestic water, the Company provides raw water for hydraulic fracturing to industrial customers in the oil and gas industry that are located in and adjacent to its service areas. Frack water revenues are recognized at a point in time upon delivering water to a customer.</font></div><div><br /></div><div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Company delivered 13.8 million and 62.7 million gallons of water to customers during the three months ended February 28, 2019 and 2018, respectively, of which 68% and 94% was used for oil and gas exploration. The Company delivered 135.4 million and 140.2 million gallons of water to customers during the six months ended February 28, 2019 and 2018, respectively, of which 79% and 90% was used for oil and gas exploration.</font></div><div><br /></div><div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Company recognizes wastewater treatment revenues monthly based on a flat monthly fee and actual usage charges. The monthly wastewater treatment fees are shown net of amounts retained by the Rangeview District. Costs of delivering water and providing wastewater service to customers are recognized as incurred.</font></div><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"><tr><td style="width: 18pt;"><br /></td><td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(ii)</font></td><td style="width: auto; vertical-align: top; text-align: justify;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Water and wastewater tap fees/Special Facility funding</u></font> &#8211; The Company recognizes water and wastewater tap fees as revenue at the time the Company grants a right for the customer to tap into the water or wastewater service line to obtain service. The Company recognized $392,500 and $0 of water tap fee revenues during the three months ended February 28, 2019 and 2018, respectively, and $619,400 and $49,900 of water tap fee revenues during the six months ended February 28, 2019 and 2018, respectively. The water tap fees recognized are based on the amounts billed by the Rangeview District and any amounts paid to third parties pursuant to the CAA as further described in Note 4 &#8211; <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Long-Term Obligations and Operating Lease</font> &#8211; <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Participating Interests</font>&#160;<font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">in Export Water Supply</font> below. The Company recognized $74,500 and $102,500 of wastewater tap fee revenues during the three and six months ended February 28, 2019, respectively. No wastewater taps were sold during the three or six months ended February 28, 2018.</font></div></td></tr></table><div><br /></div><div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Company recognizes construction fees, including fees received to construct &#8220;Special Facilities,&#8221; over time as the construction is completed because the customer is generally able to use the property improvement to enhance the value of other assets during the construction period. Special Facilities are facilities that enable water to be delivered to a single customer and are not otherwise classified as a typical wholesale facility or retail facility. 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. Management has determined that Special Facilities are separate and distinct performance obligations because these projects are contracted to construct a specific water and wastewater system or transmission pipeline and typically do not include multiple performance obligations in a contract with a customer. No Special Facilities revenue has been recognized during the three and six months ended February 28, 2019 or 2018.</font></div><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"><tr><td style="width: 18pt;"><br /></td><td style="width: 18pt; vertical-align: top;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(iii)</font></td><td style="width: auto; vertical-align: top; text-align: justify;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Consulting fees</u></font> &#8211; Consulting fees are fees that the Company receives, typically on a monthly basis, from municipalities and area water providers along the I-70 corridor, for contract operations services over time as services are consumed. Consulting fees are recognized monthly based on a flat monthly fee plus charges for additional work performed. The Company recognized $50,400 and $31,600 of consulting fees during the three months ended February 28, 2019 and 2018, respectively and $110,200 and $58,000 of consulting fees during the six months ended <font style="font-size: 10pt; font-family: 'Times New Roman';">February 28, 2019</font> and <font style="font-size: 10pt; font-family: 'Times New Roman';">2018</font>, respectively.</font></div></td></tr></table><div><br /></div><div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Land Development Activities</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Company generates revenues through the sale of finished lots at its Sky Ranch development primarily from several sources of revenues: (i) the sale of finished lots, (ii) construction support activities, (iii) project management services, and (iv) reimbursable expenses incurred to develop certain infrastructure.</font></div><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"><tr><td style="width: 18pt;"><br /></td><td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(i)</font></td><td style="width: auto; vertical-align: top; text-align: justify;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Sale of finished lots</u></font> &#8211; The Company acquired 931 acres of land zoned as a Master Planned Community known as Sky Ranch along the I-70 corridor east of Denver, Colorado. The Company has entered into purchase and sale agreements with three separate home builders pursuant to which the Company agreed to sell, and each builder agreed to purchase, residential lots at the property. The Company began construction of lots on March 1, 2018 and segments its reporting of the activity relating to the costs and revenues from the construction and sale of lots at Sky Ranch.</font></div></td></tr></table><div><br /></div><div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Company sells lots at Sky Ranch pursuant to distinct agreements with each builder. These agreements follow one of two formats. One format is the sale of a finished lot, whereby the purchaser pays for a ready-to-build finished lot and payment is a lump-sum payment upon completion of the finished lot. The Company recognizes revenues at the point in time of the closing of the sale of a finished lot in which control transfers to the builder and the builder is able to obtain a building permit, as the transaction cycle is complete, and the Company has no further obligations for the lot. As of the three and six months ended February 28, 2019, the Company had received from one home builder in exchange for the delivery of four platted lots a total payment of $300,000, which was recognized at a point of time of the closing of the sale of the finished lots. No revenue was recognized for lot sales at a point in time for the three or six months ended February 28, 2018.</font></div><div><br /></div><div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Company&#8217;s second format is the sale of finished lots pursuant to a development agreement with builders, whereby the Company receives payments in stages that include (i) payment upon the delivery of platted lots (which requires the Company to deliver deeded title to individual lots), (ii) a second payment upon the completion of certain infrastructure milestones, and (iii) final payment upon the delivery of the finished lot. Ownership and control of the platted lots pass to the builders once the Company closes the sale of the platted lots. Because the builder (i.e., the customer) takes control of the lot at the first closing and subsequent improvements made by the Company improve the builder&#8217;s lot as construction progresses, the Company accounts for revenue over time with progress measured based upon costs incurred to date compared to total expected costs and any revenue in excess of amounts entitled to be billed are reflected on the balance sheet as a contract asset and amounts received in excess of revenue recognized are recorded as deferred revenue. As of February 28, 2019, the Company had received from three home builders in exchange for delivery of 150 platted lots total payments of $6.6 million, of which $5.2 million had been recognized based upon costs incurred to date compared to total expected costs. For the three and six months ended February 28, 2019, the Company recognized $1,646,400 and $3,027,600 of lot sales over time, respectively. No revenue was recognized for lot sales for the three or six months ended February 28, 2018. The Company had deferred revenue related to lot sales of $1,455,200 and $0 as of February 28, 2019 and 2018, respectively. The Company does not have any material significant payment terms as all payments are expected to be received within 12 months after the delivery of each platted lot.&#160; The Company adopted the practical expedient for financing components and does not need to account for a financing component of these lot sales as the delivery of lot sales is expected to occur within one year or less.</font></div><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"><tr><td style="width: 18pt;"><br /></td><td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(ii)</font></td><td style="width: auto; vertical-align: top; text-align: justify;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Construction support activities</u></font> &#8211; The Company performs certain construction activities at Sky Ranch. The activities performed include construction and maintenance of the grading erosion and sediment control best management practices and other construction-related services. These activities are invoiced upon completion and will accrue to the reimbursable amount due from the CAB upon issuance of municipal bonds by the CAB. Once the municipal bonds are issued, all reimbursable costs will be recorded as a note receivable and will reduce any remaining capitalized costs. Any excess will be recognized as a gain from the sale of municipal bond securities. To date, the Company has invoiced the CAB $340,700 for construction support activities, which amount is included in Inventories.</font></div></td></tr></table><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"><tr><td style="width: 18pt;"><br /></td><td style="width: 18pt; vertical-align: top;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(iii)</font></td><td style="width: auto; vertical-align: top; text-align: justify;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Project management services</u></font> &#8211; The Company entered into two Service Agreements for Project Management Services with the CAB on May 2, 2018. The CAB was organized by Sky Ranch Metropolitan District Nos. 1 and 5 to construct, operate and maintain certain public facilities and improvements in accordance with the Sky Ranch Community Authority Board Establishment Agreement and each of the service plans for Sky Ranch Metropolitan District Nos. 1 and 5. The Company has experience in providing project improvement services and is willing to provide such services to the CAB for reasonable consideration.</font></div></td></tr></table><div><br /></div><div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Pursuant to these agreements, the Company acts as the project manager and provides any and all services required to deliver the CAB-eligible improvements, including but not limited to CAB compliance; planning design and approvals; project administration; contractor agreements; and construction management and administration. The Company must submit to the CAB a monthly invoice, in a form acceptable to the CAB. Invoices must be submitted no more frequently than once a month. The Company is responsible for all expenses it incurs in the performance of the agreements and is not entitled to any reimbursement or compensation except as defined in the agreements, unless otherwise approved in advance by the CAB in writing. The CAB is subject to annual budget and appropriation procedures and does not intend to create a multiple-fiscal year direct or indirect debt or other financial obligation. The Company receives a project management fee of five percent (5%) of actual construction costs of CAB-eligible improvements. The project management fee qualifies as a reimbursable cost to the Company. The project management fee is based only on the actual costs of the improvements; thus, items such as fees, permits, review fees, consultant or other soft costs, and land acquisition or any other costs that are not directly related to the cost of construction of CAB-eligible improvements are not included in the calculation of the project management fee. Soft costs and other costs that are not directly related to the construction of CAB-eligible improvements are being accrued to the reimbursable amount due from the CAB upon issuance of municipal bonds by the CAB. Once the municipal bonds are issued, all reimbursable costs will be recorded as a note receivable and will reduce any remaining capitalized costs. Any excess will be recognized as a gain from the sale of municipal bond securities. 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Due to this contingency, the reimbursable costs are included in lot development costs until the point in time when bonding is obtained. 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background-color: #CCEEFF;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Recognition of unearned revenue</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">(3,055,444</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">(2,190,039</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Balance, end of period</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">1,543,485</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">477,161</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td></tr></table><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Revenue allocated to remaining performance obligations represents contracted revenue that has not yet been recognized (&#8220;contracted not recognized revenue&#8221;), which includes unearned revenue and amounts that will be invoiced and recognized as revenue in future periods. At February 28, 2019, the Company had outstanding open contracts for $29,387,700, which primarily related to the sale of 506 lots at Sky Ranch. The Company expects to recognize approximately 54% of such revenue over the next 12 months.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"><u>Inventories</u></font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Inventories include land held for development and sale that the Company has developed and are stated at cost. Capitalized lot development costs at Sky Ranch are costs incurred to construct finished lots at Sky Ranch that meet the Company&#8217;s capitalization criteria for improvements to a lot and are capitalized as incurred. The Company capitalizes certain legal, engineering, design, permitting, land acquisition, and construction costs related to the development of lots at Sky Ranch. The Company uses the specific identification method for purposes of accumulating land development costs and allocates costs to each lot to determine the cost basis for each lot sale. The Company records all land cost of sales for those contracts accounted for over time with progress measured based upon costs incurred to date compared to total expected costs. For customer contracts accounted for at a point in time, all costs are accumulated and recognized at the point in time control transfers to the customer, which is generally at closing for each finished lot. Inventory costs include common area costs that the Company funded through the CAB.&#160; The Company expects that the costs will be reimbursed by the CAB. The Company will record any reimbursements as a reduction of cost once the CAB has the ability to reimburse the costs (i.e., once the CAB has issued bonds).</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">In accordance with ASC 360, the Company measures land held for sale at the lower of the carrying value or fair value less estimated costs to sell. In determining fair value, the Company primarily relies upon the most recent negotiated price. If a negotiated price is not available, the Company will consider several factors, including, but not limited to, current market conditions, recent comparable sales transactions and market analysis studies. If the fair value less estimated costs to sell is lower than the current carrying value, the land is impaired to its estimated fair value less costs to sell.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"><u>Royalty and Other Obligations</u></font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">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 invoiced directly by the Rangeview District, and a percentage of such collections are then paid to the Company by the Rangeview District. Water revenue from such sales are shown net of royalties paid to the Land Board and amounts retained by the Rangeview District.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"><u>Oil and Gas Lease Payments</u></font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">As further described in Note 2 &#8211; <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Summary of Significant Accounting Policies</font> in Part II, Item 8 of the 2018 Annual Report, the Company entered into a Paid-Up Oil and Gas Lease and a Surface Use and Damage Agreement that were subsequently purchased by a wholly owned subsidiary of ConocoPhillips Company. Two wells were drilled within the Company&#8217;s mineral interest and placed into service and began producing oil and gas and accruing royalties to the Company. During the three months ended <font style="font-size: 10pt; font-family: 'Times New Roman';">February 28, 2019</font> and <font style="font-size: 10pt; font-family: 'Times New Roman';">2018</font>, the Company received $44,400 and $49,800 net of taxes, respectively, in royalties attributable to these two wells. During the six months ended <font style="font-size: 10pt; font-family: 'Times New Roman';">February 28, 2019</font> and <font style="font-size: 10pt; font-family: 'Times New Roman';">2018</font>, the Company received $75,800 and $91,500 net of taxes, respectively, in royalties attributable to these two wells. The Company classifies income from oil and gas lease and royalty payments as <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Other income</font> in the statement of operations and comprehensive income (loss) as the Company does not consider these arrangements to be a primary operating business activity.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"><u>Deferred Revenue</u></font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Deferred revenue as of February 28, 2019, was comprised of unearned revenue from a Paid-Up Oil and Gas Lease between the Company and Bison Oil and Gas, LLP, for the purpose of exploring for, developing, producing, and marketing oil and gas on the 40 acres of mineral estate that the Company owns adjacent to the Lowry Range (the &#8220;Bison Lease&#8221;) and unearned revenue from advanced payments for lot sales at Sky Ranch.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Company received an up-front payment of $167,200 in fiscal 2018, which will be recognized as income on a straight-line basis over three years (the term of the Bison Lease). The Company recognized lease income of $13,900 during each of the three months ended February 28, 2019 and 2018 related to the up-front payment received pursuant to the Bison Lease. The Company recognized lease income of $27,900 and $23,200 during the six months ended February 28, 2019 and 2018, respectively, related to the up-front payment received pursuant to the Bison Lease. As of February 28, 2019, and August 31, 2018, the Company had deferred revenue of $88,300 and $116,100, respectively, related to the Bison Lease that will be recognized as income ratably through September 2020.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">As of February 28, 2019, the Company had deferred revenue from lot sales of approximately $1.5 million, which included (1) a $4.4 million payment from two builders for sales of platted lots at Sky Ranch, net of $3.3 million of lot fee revenue recognized in the six months ended February 28, 2019, based on the input method of total project costs incurred as a percent of completion, and (2) a $2.5 million payment from two builders for sales of platted lots at Sky Ranch, net of $2.1 million of lot fee revenue recognized in fiscal 2018 based on the input method of total project costs incurred as a percent of completion.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"><u>Long-Lived Assets</u></font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">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.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"><u>Capitalized Costs of Water and Wastewater Systems and Depletion and Depreciation of Water Assets</u></font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Costs to construct water and wastewater systems that meet the Company&#8217;s capitalization criteria are capitalized as incurred, including any 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. The Company depletes its groundwater assets that are being utilized on the basis of units produced (i.e., thousands of gallons sold) divided by the total volume of water adjudicated in the water decrees.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"><u>Share-Based Compensation</u></font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Company maintains a stock option plan for the benefit of its employees and non-employee directors. The Company records share-based compensation costs as expense over the applicable vesting period of the stock award using the straight-line method. The compensation costs to be expensed are measured at the grant date based on the fair value of the award. The Company has adopted the alternative transition method for calculating the tax effects of share-based compensation, which allows for a simplified method of calculating the tax effects of employee share-based compensation. Because the Company has a full valuation allowance on its deferred tax assets, the granting and exercise of stock options has no impact on the income tax provisions. The Company recognized $58,200 and $77,400 of share-based compensation expense during the three months ended <font style="font-size: 10pt; font-family: 'Times New Roman';">February 28, 2019</font> and <font style="font-size: 10pt; font-family: 'Times New Roman';">2018</font>, respectively. The Company recognized $161,700 and $157,600 of share-based compensation expense during the six months ended <font style="font-size: 10pt; font-family: 'Times New Roman';">February 28, 2019</font> and <font style="font-size: 10pt; font-family: 'Times New Roman';">2018</font>, respectively.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"><u>Income Taxes</u></font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">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 did not have any significant unrecognized tax benefits as of <font style="font-size: 10pt; font-family: 'Times New Roman';">February 28, 2019</font>.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">As a result of H.R.1, commonly known as the Tax Cuts and Jobs Act (the &#8220;Tax Act&#8221;), signed into law on December 22, 2017, the Company has a $282,000 alternative minimum tax (&#8220;AMT&#8221;) deferred tax asset for which it did not have a valuation allowance as of <font style="font-size: 10pt; font-family: 'Times New Roman';">February 28, 2019</font> and August 31, 2018.&#160; The Company expects to receive the AMT as a refund in future years.&#160; Most, if not all, of this credit will be refundable starting with the filing of the 2018 (fiscal year ending 2019) through 2021 (fiscal year ending 2022) tax returns, subject to limitations of Internal Revenue Code Section 382 (arises with ownership changes) and the sequestration limitation of the Balanced Budget Act of 1997. The Company has evaluated the Tax Act and determined that the impact was immaterial.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Company files income tax returns with the Internal Revenue Service and the State of Colorado. The tax years that remain subject to examination are fiscal year 2015 through fiscal year <font style="font-size: 10pt; font-family: 'Times New Roman';">2018</font>.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">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 <font style="font-size: 10pt; font-family: 'Times New Roman';">February 28, 2019</font>, the Company did not have any accrued interest or penalties associated with any unrecognized tax benefits, nor was any interest expense recognized during the three or six months ended <font style="font-size: 10pt; font-family: 'Times New Roman';">February 28, 2019</font> or <font style="font-size: 10pt; font-family: 'Times New Roman';">2018</font>.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"><u>Income (Loss) per Common Share</u></font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares outstanding during each period. Common stock options of 209,579 common share equivalents as of the six months ended February 28, 2019, were included in the calculation of income per common share as dilutive common stock equivalents using the treasury stock method. Common stock options aggregating 50,000 common share equivalents as of the six months ended <font style="font-size: 10pt; font-family: 'Times New Roman';">February 28, 2019</font>, have been excluded from the calculation of income per common share as their effect is anti-dilutive. Common stock options of 135,840 common share equivalents as of the six months ended <font style="font-size: 10pt; font-family: 'Times New Roman';">February 28, 2018</font>, were included in the calculation of income per common share as dilutive common stock equivalents using the treasury stock method. Common stock options aggregating 32,500 common share equivalents as of the six months ended <font style="font-size: 10pt; font-family: 'Times New Roman';">February 28, 2018</font>, have been excluded from the calculation of income per common share as their effect is anti-dilutive.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"><u>Recently Issued Accounting Pronouncements</u></font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Company continually assesses any new accounting pronouncements to determine their applicability. When it is determined that a new accounting pronouncement affects the Company&#8217;s financial reporting, the Company undertakes a study to determine the consequence of the change to its consolidated financial statements and to 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:</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">In February 2016, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued Accounting Standards Update (&#8220;ASU&#8221;) No. 2016-02, <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Leases (Topic 842). </font>ASU 2016-02<font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">&#160;</font>provides guidance on the recognition, measurement, presentation, and disclosure of leases. The new standard supersedes the present GAAP standard on leases and requires substantially all leases to be reported on the balance sheet as right-of-use assets and lease obligations. This standard is effective for fiscal years beginning after December 15, 2018. The Company is currently assessing the impact of ASU 2016-02.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">In June 2016, the FASB issued ASU No. 2016-13, <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Financial Instruments &#8211; Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments</font>.&#160; Among other things, these amendments require the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Companies will now use forward-looking information to better inform their credit loss estimates. The standard is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company is currently assessing the provisions of the standard and the impact of the adoption on its consolidated financial statements.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">In February 2018, the FASB issued ASU 2018-02, Income Statement &#8212; Reporting Comprehensive Income (Topic 220); Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. The amendments in ASU 2018-02 allow a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Act. Consequently, the amendments eliminate the stranded tax effects resulting from the Tax Act and will improve the usefulness of information reported to financial statement users. The amendments are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted in any interim period after issuance of the standard. The Company believes the impact of this standard on its condensed consolidated financial statements is immaterial.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">In June 2018, the FASB issued ASU 2018-07, Compensation &#8212; Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. ASU 2018-07 is intended to reduce cost and complexity and to improve financial reporting for share-based payments issued to nonemployees. This standard expands the scope of ASC Topic 718, <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Compensation &#8212; Stock Compensation</font>, which currently only includes share-based payments issued to employees, to include share-based payments issued to nonemployees for goods and services. Consequently, the accounting for share-based payments to nonemployees and employees will be substantially aligned. ASU 2018-07 supersedes ASC Subtopic 505-50, <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Equity &#8212; Equity-Based Payments to Non-Employees</font>. The amendments in this ASU are effective for fiscal years beginning after December 15, 2018, including interim periods within these fiscal years. The Company is currently in the process of assessing the impact of this ASU on its condensed consolidated financial statements.</font></div></div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for the organization, consolidation and basis of presentation of financial statements disclosure, and significant accounting policies of the reporting entity. May be provided in more than one note to the financial statements, as long as users are provided with an understanding of (1) the significant judgments and assumptions made by an enterprise in determining whether it must consolidate a VIE and/or disclose information about its involvement with a VIE, (2) the nature of restrictions on a consolidated VIE's assets reported by an enterprise in its statement of financial position, including the carrying amounts of such assets, (3) the nature of, and changes in, the risks associated with an enterprise's involvement with the VIE, and (4) how an enterprise's involvement with the VIE affects the enterprise's financial position, financial performance, and cash flows.  Describes procedure if disclosures are provided in more than one note to the financial statements.</p></div>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6812669760">
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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">6 Months Ended</th>
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<tr><th class="th"><div>Feb. 28, 2019</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_us-gaap_FairValueDisclosuresAbstract', window );"><strong>FAIR VALUE MEASUREMENTS [Abstract]</strong></a></td>
<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_us-gaap_FairValueDisclosuresTextBlock', window );">FAIR VALUE MEASUREMENTS</a></td>
<td class="text"><div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">NOTE 2 &#8211; FAIR VALUE MEASUREMENTS</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or most advantageous market. The Company uses a fair value hierarchy that has three levels of inputs, both observable and unobservable, with use of the lowest possible level of significant input to determine where within the fair value hierarchy the measurement falls.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Level 1 &#8212; Valuations for assets and liabilities traded in active exchange markets, such as the NASDAQ Stock Market. The Company had no Level 1 assets or liabilities as of <font style="font-size: 10pt; font-family: 'Times New Roman';">February 28, 2019</font> or <font style="font-size: 10pt; font-family: 'Times New Roman';">August 31, 2018</font>.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Level 2 &#8212; Valuations for assets and liabilities obtained from readily available pricing sources via independent providers for market transactions involving similar assets or liabilities. The Company had four and seven Level 2 assets as of <font style="font-size: 10pt; font-family: 'Times New Roman';">February 28, 2019</font> and <font style="font-size: 10pt; font-family: 'Times New Roman';">August 31, 2018</font>, respectively, which consist of&#160; U.S. Treasury debt securities.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Level 3 &#8212; Valuations for assets and liabilities that are derived from other valuation methodologies, including discounted cash flow models and similar techniques, and not based on market exchange, dealer, or broker-traded transactions. Level 3 valuations incorporate certain assumptions and projections in determining the fair value assigned to such assets or liabilities. The Company had one Level 3 liability, the contingent portion of the CAA, as of <font style="font-size: 10pt; font-family: 'Times New Roman';">February 28, 2019</font> and <font style="font-size: 10pt; font-family: 'Times New Roman';">August 31, 2018</font>. The Company has determined that the contingent portion of the CAA does not have a determinable fair value (see Note 4 &#8211; <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Long-Term Obligations and Operating Lease)</font>.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">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><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Level 2 Asset &#8211; Investments. </font>The Company&#8217;s debt securities are the Company&#8217;s only financial asset measured at fair value on a recurring basis. The fair value of investment securities is based on the values reported by the financial institutions where the funds are held. Investment securities include U.S. Treasury debt securities.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Company&#8217;s non-financial assets measured at fair value on a non-recurring basis when assessing recoverability consist entirely of its investments in water and water systems and other long-lived assets. See Note 3 &#8211; <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Water and Land Assets </font>below.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The following table provides information on the assets and liabilities measured at fair value on a recurring basis as of <font style="font-size: 10pt; font-family: 'Times New Roman';">February 28, 2019</font>:</font></div><div><br /></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="10" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Fair Value Measurement Using:</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Fair Value</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Cost /</font></div><div style="text-align: center;"><font style="font-size: 10pt; 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font-family: 'Times New Roman'; font-weight: bold;">(Level 1)</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Significant</font></div><div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Other</font></div><div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Observable </font></div><div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Inputs</font></div><div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">(Level 2)</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Significant</font></div><div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Unobservable</font></div><div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Inputs</font></div><div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">(Level 3)</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Accumulated</font></div><div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Unrealized</font></div><div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Gains and</font></div><div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">(Losses)</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 28%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">U.S. Treasury debt securities</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">6,938,600</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; 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font-family: 'Times New Roman';">6,938,600</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">12,700</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 28%; padding-bottom: 4px; background-color: #FFFFFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 16.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Total</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; 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vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 28%; padding-bottom: 4px; background-color: rgb(255, 255, 255);"><div style="text-align: left; margin-left: 9pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Total</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">8,718,000</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; 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vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">66,400</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td></tr></table><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Company also holds a certificate of deposit that is not carried at fair value on the consolidated balance sheets and is classified as a held-to-maturity security. 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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -URI http://asc.fasb.org/topic&amp;trid=2155941<br></p></div>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6823272736">
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<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">6 Months Ended</th>
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<tr><th class="th"><div>Feb. 28, 2019</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_us-gaap_PropertyPlantAndEquipmentAbstract', window );"><strong>WATER AND LAND ASSETS [Abstract]</strong></a></td>
<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_us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock', window );">WATER AND LAND ASSETS</a></td>
<td class="text"><div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">NOTE 3 &#8211; WATER AND LAND ASSETS</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Company&#8217;s water rights and current water and wastewater service agreements are more fully described in Note 4 &#8211; <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Water and Land Assets</font> in Part II, Item 8 of the 2018 Annual Report. There have been no significant changes to the Company&#8217;s water rights or water and wastewater service agreements during the <font style="font-size: 10pt; font-family: 'Times New Roman';">six</font> months ended <font style="font-size: 10pt; font-family: 'Times New Roman';">February 28, 2019</font>.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"><u>Investment in Water and Water Systems</u></font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Company&#8217;s Investments in Water and Water Systems consist of the following costs and accumulated depreciation and depletion at <font style="font-size: 10pt; font-family: 'Times New Roman';">February 28, 2019</font> and <font style="font-size: 10pt; font-family: 'Times New Roman';">August 31, 2018</font>:</font></div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="6" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center;"><font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';">February 28, 2019</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="6" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center;"><font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';">August 31, 2018</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Costs</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Accumulated</font></div><div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Depreciation</font></div><div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">and Depletion</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Costs</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Accumulated</font></div><div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Depreciation</font></div><div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">and Depletion</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Rangeview Water Supply</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">14,820,700</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">(13,500</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">14,813,800</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">(12,800</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Sky Ranch water rights and other costs</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">7,338,100</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">(652,600</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">7,171,700</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">(561,400</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Fairgrounds water and water system</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">2,899,900</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">(1,106,900</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">2,899,900</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">(1,062,900</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Rangeview water system</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">2,679,100</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">(288,800</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">1,655,600</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">(261,200</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Water Supply &#8211; Other</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">4,535,600</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">(748,700</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">4,337,200</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">(625,300</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Wild Pointe service rights</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">1,631,700</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">(267,700</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; 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vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">(3,394,600</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">39,735,200</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">(3,013,300</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 4px; background-color: #FFFFFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Net investments in water and water systems</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">41,993,300</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">36,721,900</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td></tr></table><div><br /></div><div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Capitalized terms in this section not defined herein are defined in Note 4 &#8211; <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Water and Land Assets</font> in Part II, Item 8 of the 2018 Annual Report.</font></div><div><br /></div><div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Construction in progress primarily consists of capital water projects at Sky Ranch, including the wastewater facility, the water storage tank and the water pump station.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"><u>Depletion and Depreciation</u></font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Company recorded depletion charges of $200 and $900 during the three months ended <font style="font-size: 10pt; font-family: 'Times New Roman';">February 28, 2019</font> and <font style="font-size: 10pt; font-family: 'Times New Roman';">2018</font>, respectively, and $800 and $1,000 during the six months ended <font style="font-size: 10pt; font-family: 'Times New Roman';">February 28, 2019</font> and <font style="font-size: 10pt; font-family: 'Times New Roman';">2018</font>, respectively. 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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>LONG-TERM OBLIGATIONS AND OPERATING LEASE<br></strong></div></th>
<th class="th" colspan="1">6 Months Ended</th>
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<tr><th class="th"><div>Feb. 28, 2019</div></th></tr>
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<td class="text"><div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">NOTE 4 &#8211; LONG-TERM OBLIGATIONS AND OPERATING LEASE</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Participating Interests in Export Water Supply is an obligation of the Company that has no scheduled maturity date. Therefore, maturity of this liability is not disclosed in tabular format but is described below.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"><u>Participating Interests in Export Water Supply</u></font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">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 that the Company received from the participating interest holders that was used to purchase the Company&#8217;s Export Water (described in greater detail in Note 4 &#8211; <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Water and Land Assets </font>in Part II, Item 8 of the 2018 Annual Report). The Company agreed to remit a total of $31.8 million of proceeds received from the sale of Export Water to the participating interest holders in return for their initial $11.1 million 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&#8217;s balance sheet because the obligation to pay this is contingent on the sale of Export Water, the amounts and timing of which are not reasonably determinable.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">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 of the Company are also not entitled to payment of any dividend and have no contractual recourse against the Company.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">As the proceeds from the sale of Export Water are received and the amounts are remitted to the external CAA holders, the Company allocates a ratable percentage of this payment to the principal portion (the Participating Interests in Export Water Supply<font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">&#160;</font>liability account), with the balance of the payment being charged to the contingent obligation portion. Because the original recorded liability, which was $11.1 million, was 35% of the original total liability of $31.8 million, 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.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">From time to time, the Company reacquired various portions of the CAA obligations, which retained their original priority, including the Land Board&#8217;s CAA interest which was assigned and relinquished to the Company in 2014. The Company did not make any CAA acquisitions during the three months ended <font style="font-size: 10pt; font-family: 'Times New Roman';">February 28, 2019</font> and <font style="font-size: 10pt; font-family: 'Times New Roman';">2018</font>.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">As a result of the acquisitions, the Company is currently allocated approximately 88% of the total proceeds from the sale of Export Water after payment of the Land Board royalty. The acquisitions and cumulative sales of Export Water are detailed in the table below. 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vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 16.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Acquisitions</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; 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vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">(93,600</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #FFFFFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Balance at <font style="font-size: 10pt; font-family: 'Times New Roman';">August 31, 2018</font></font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; 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vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">1,007,400</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">339,100</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">668,300</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Fiscal <font style="font-size: 10pt; font-family: 'Times New Roman';">2019</font> activity:</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; padding-bottom: 2px; background-color: #FFFFFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 16.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Export Water sale payments</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">138,900</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">(122,400</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">(16,500</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">(5,800</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">(10,700</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 40%; padding-bottom: 4px; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Balance at <font style="font-size: 10pt; font-family: 'Times New Roman';">February 28, 2019</font></font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">1,519,600</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">29,515,700</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">990,900</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">333,300</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">657,600</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td></tr></table><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"><tr><td style="width: 18pt; vertical-align: top;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(1)</font></td><td style="width: auto; vertical-align: top; text-align: left;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">The Arapahoe County tap fees are net of $34,522 in royalties paid to the Land Board.</font></div></td></tr></table><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The CAA includes contractually established priorities which call for payments to CAA holders in order of their priority. This means that the first payees receive their full payment before the next priority level receives any payment and so on until full repayment. Of the next approximately $6.5 million of Export Water payouts, which based on current payout levels would occur over several years, the Company will receive approximately $5.7 million of revenue. Thereafter, the Company will be entitled to all but approximately $220,000 of the proceeds from the sale of Export Water after deduction of the Land Board royalty.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"><u>WISE Partnership</u></font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">In December 2014, the Company, through the Rangeview District, consented to the waiver of all contingencies set forth in the Amended and Restated WISE Partnership &#8211; Water Delivery Agreement, dated December 31, 2013 (the &#8220;WISE Partnership Agreement&#8221;), among the City and County of Denver acting through its Board of Water Commissioners (&#8220;Denver Water&#8221;), the City of Aurora acting by and through its Utility Enterprise (&#8220;Aurora Water&#8221;), and the South Metro WISE Authority (&#8220;SMWA&#8221;). The SMWA was formed by the Rangeview 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 &#8220;SM IGA&#8221;), to enable the members of SMWA to participate in the regional water supply project known as the Water Infrastructure Supply Efficiency partnership (&#8220;WISE&#8221;) created by the WISE Partnership Agreement. The SM IGA specifies each member&#8217;s pro rata share of WISE and the members&#8217; 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></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">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 &#8220;WISE Financing Agreement&#8221;) between the Company and the Rangeview District, the Company has an agreement to fund the Rangeview District&#8217;s participation in WISE effective as of December 22, 2014. The Company&#8217;s cost of funding the Rangeview District&#8217;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 $6.8 million over the next five years. See further discussion in Note 6 <font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">&#8211;</font><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;"> Related Party Transactions.</font></font></div><div><br /></div><div style="text-align: justify;"><font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"><u>Operating Lease</u></font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Effective as of February 2018, the Company entered into an operating lease for approximately 11,393 square feet of office and warehouse space. The lease has a three-year term with payments of $6,600 per month and an option to extend the primary lease term for a two-year period at a rate equal to a 12.5% increase over the primary base payments. The change in the lease costs is not material to the Company&#8217;s operations.</font></div></div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for information about long-term obligations and operating lease agreement.</p></div>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6823157344">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SHAREHOLDERS' EQUITY<br></strong></div></th>
<th class="th" colspan="1">6 Months Ended</th>
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<tr><th class="th"><div>Feb. 28, 2019</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_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract', window );"><strong>SHAREHOLDERS' EQUITY [Abstract]</strong></a></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_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock', window );">SHAREHOLDERS' EQUITY</a></td>
<td class="text"><div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">NOTE 5 &#8211; SHAREHOLDERS&#8217; EQUITY</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Company maintains the 2014 Equity Incentive Plan (the &#8220;2014 Equity Plan&#8221;), which was approved by shareholders in January 2014 and became effective on 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 of directors. The Company has reserved 1.6 million shares of common stock for issuance under the 2014 Equity Plan. The Company began awarding options under the 2014 Equity Plan in January 2015. Prior to the effective date of the 2014 Equity Plan, the Company granted stock awards to eligible participants under its 2004 Incentive Plan (the &#8220;2004 Incentive Plan&#8221;), which expired on 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><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The following table summarizes the combined stock option activity for the 2004 Incentive Plan and 2014 Equity Plan for the <font style="font-size: 10pt; font-family: 'Times New Roman';">six</font> months ended <font style="font-size: 10pt; font-family: 'Times New Roman';">February 28, 2019</font>:</font></div><div><br /></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; 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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6814273360">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>RELATED PARTY TRANSACTIONS<br></strong></div></th>
<th class="th" colspan="1">6 Months Ended</th>
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<td class="text"><div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">NOTE 6 &#8211; RELATED PARTY TRANSACTIONS</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Rangeview 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 Rangeview District is governed by an elected board of directors. Eligible voters and persons eligible to serve as a director of the Rangeview District must own an interest in property within the boundaries of the Rangeview District. The Company owns certain rights and real property interests which encompass the current boundaries of the Rangeview District. Sky Ranch Metropolitan District Nos. 1, 3, 4 and 5 (collectively, the &#8220;Sky Ranch Districts&#8221;) and the CAB are quasi-municipal corporations and political subdivisions of Colorado formed for the purpose of providing service to the Company&#8217;s Sky Ranch property. The current members of the board of directors of each of the Rangeview District, the Sky Ranch Districts and the CAB consist of three employees of the Company and one independent board member.</font></div><div><br /></div><div style="text-align: left;"><font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"><u>The Rangeview District</u></font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">On December 16, 2009, the Company entered into a Participation Agreement with the Rangeview District, whereby the Company agreed to provide funding to the Rangeview District in connection with the Rangeview District joining the South Metro Water Supply Authority (&#8220;SMWSA&#8221;). The Company provides funding pursuant to the Participation Agreement annually with $22,200 and $198,200 being provided during fiscal years <font style="font-size: 10pt; font-family: 'Times New Roman';">2019</font> and <font style="font-size: 10pt; font-family: 'Times New Roman';">2018</font>, respectively.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Through the WISE Financing Agreement, the Company agreed to fund the Rangeview District&#8217;s cost of participating in the regional water supply project known as the WISE partnership. The Company anticipates spending approximately $6.8 million over the next five fiscal years to fund the Rangeview 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. To date, the Company has capitalized the funding provided pursuant to the WISE Financing Agreement because the funding has been provided to purchase capacity in the WISE infrastructure. The Company&#8217;s total investment in the WISE assets as of <font style="font-size: 10pt; font-family: 'Times New Roman';">February 28, 2019</font>, is approximately $3.2 million.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">In 1995, the Company extended a loan to the Rangeview District. The loan provided for borrowings of up to $250,000, is unsecured, and bears interest based on the prevailing prime rate plus 2% (6.75% at <font style="font-size: 10pt; font-family: 'Times New Roman';">February 28, 2019</font>). The maturity date of the loan is December 31, 2020. In January 2014, the Rangeview District and the Company entered into a funding agreement that allows the Company to continue to provide funding to the Rangeview 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. The $917,800 balance of the notes receivable at <font style="font-size: 10pt; font-family: 'Times New Roman';">February 28, 2019</font>, includes borrowings of $512,400 and accrued interest of $405,400.</font></div><div><br /></div><div style="text-align: left;"><font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"><u>Sky Ranch Metropolitan Districts No. 1, 3, 4 and 5</u></font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Company has been providing funding to the Sky Ranch Districts. In each year since 2012, the Company entered into an Operation Funding Agreement with one of the Sky Ranch Districts, obligating the Company to advance funding to the Sky Ranch District for operations and maintenance expenses for the then-current calendar year. All payments were subject to annual appropriations by the Sky Ranch District in its absolute discretion. The advances by the Company accrued interest at a rate of 8% per annum from the date of the advance. The Operation Funding Agreements have been superseded by the 2018 FFAA as described below.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">In November 2014, but effective as of January 1, 2014, the Company entered into a Facilities Funding and Acquisition Agreement with a Sky Ranch District obligating the Company to either finance district improvements or to construct improvements on behalf of the Sky Ranch District subject to reimbursement. Improvements subject to this agreement were determined pursuant to a mutually agreed upon budget. Each year in September, the parties were to mutually determine the improvements required for the following year and finalize a budget by the end of October. Each advance or reimbursable expense accrued interest at a rate of 6% per annum. Upon the Sky Ranch District&#8217;s ratification of the advances and related expenditures, the amount was reclassified as long-term and is recorded as part of <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Notes receivable &#8211; related parties</font>. As of November 30, 2017, the Sky Ranch Districts repaid all advances plus accrued interest totaling $215,504, and as of February 28, 2019 and 2018, there was no outstanding balance on the receivable.&#160; The Facilities Funding and Acquisition Agreement has been superseded by the 2018 FFAA as described below.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"><u>Sky Ranch Community Authority Board</u></font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Pursuant to that certain Community Authority Board Establishment Agreement, as the same may be amended from time to time, Sky Ranch Metropolitan District Nos. 1 and 5 formed the CAB to, among other things, design, construct, finance, operate and maintain certain public improvements for the benefit of the property within the boundaries and/or service area of the Sky Ranch Districts. In order for the public improvements to be constructed and/or acquired, it is necessary for each Sky Ranch District, directly or through the CAB, to be able to fund the improvements and pay its ongoing operations and maintenance expenses related to the provision of services that benefit the property. In November 2017, but effective as of January 1, 2018, the Company entered into a Project Funding and Reimbursement Agreement (the &#8220;PF Agreement&#8221;) with the CAB for the Sky Ranch property. Improvements subject to the PF Agreement were determined pursuant to a mutually agreed upon budget. Pursuant to the PF Agreement, each advance or reimbursable expense accrued interest at a rate of 6% per annum.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">On September 18, 2018, the parties entered into a series of agreements, including a Facilities Funding and Acquisition Agreement with an effective date of November 13, 2017 (the &#8220;2018 FFAA&#8221;), which supersedes and consolidates the previous agreements pursuant to which</font></div><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"><tr><td style="width: 18pt;"><br /></td><td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9679;</font></td><td style="width: auto; vertical-align: top; text-align: justify;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">the CAB agreed to repay the amounts owed by Sky Ranch Metropolitan District No. 5 to the Company, and the previous Facilities Funding and Acquisition Agreement entered into between the Company and Sky Ranch Metropolitan District No. 5 in 2014 was terminated;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"><tr><td style="width: 18pt;"><br /></td><td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9679;</font></td><td style="width: auto; vertical-align: top; text-align: justify;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">the PF Agreement and a June 2018 Funding Acquisition Agreement between the CAB and the Company were terminated;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"><tr><td style="width: 18pt;"><br /></td><td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9679;</font></td><td style="width: auto; vertical-align: top; text-align: justify;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">the CAB acknowledged all amounts owed to the Company under the terminated agreements, as well as amounts the Company incurred to finance the formation of the CAB; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"><tr><td style="width: 18pt;"><br /></td><td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9679;</font></td><td style="width: auto; vertical-align: top; text-align: justify;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">the Company agreed to fund an agreed upon list of improvements to be constructed by the CAB with an estimated cost of $30,000,000 (including improvements already funded) on an as-needed basis for calendar years 2018&#8211;2023.</font></div></td></tr></table><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">All amounts owed under the 2018 FFAA bear interest at a rate of 6% per annum. No payment is required of the CAB for advances made to the CAB or expenses incurred related to construction of improvements unless and until the CAB and/or Sky Ranch Districts issue bonds in an amount sufficient to reimburse the Company for all or a portion of advances or other expenses incurred. The CAB agrees to exercise reasonable efforts to issue bonds to reimburse the Company subject to certain limitations. In addition, the CAB agrees to utilize any available moneys not otherwise pledged to payment of debt, used for operation and maintenance expenses, or otherwise encumbered, to reimburse the Company. Any advances not paid or reimbursed by the CAB by December 31, 2058, shall be deemed forever discharged and satisfied in full.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">As of <font style="font-size: 10pt; font-family: 'Times New Roman';">February 28, 2019</font>, the balance of the Company&#8217;s advances to the CAB plus accrued interest totaled $11.5 million, which is included in Inventories or expensed through lot fee construction costs of revenues. The advances have been used by the CAB to pay for construction of improvements. In the event the CAB issues municipal bonds and reimburses the Company, the reimbursement will be recorded as a reduction to Inventories or if the sale process of the finished lots has been completed, as a gain from the sale of municipal bond securities.</font></div></div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -URI http://asc.fasb.org/topic&amp;trid=2122745<br></p></div>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6653428896">
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<th class="th" colspan="1">6 Months Ended</th>
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<tr><th class="th"><div>Feb. 28, 2019</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_us-gaap_RisksAndUncertaintiesAbstract', window );"><strong>SIGNIFICANT CUSTOMERS [Abstract]</strong></a></td>
<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_us-gaap_ConcentrationRiskDisclosureTextBlock', window );">SIGNIFICANT CUSTOMERS</a></td>
<td class="text"><div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">NOTE 7 &#8211; SIGNIFICANT CUSTOMERS</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Water and Wastewater</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Pursuant to the Rangeview Water Agreements (as defined in Note 4 &#8211; <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Water and Land Assets</font> in Part II, Item 8 of the 2018 Annual Report) and the Export Service Agreement entered into with the Rangeview District dated June 16, 2017, the Company provides water and wastewater services on the Rangeview District&#8217;s behalf to the Rangeview District&#8217;s customers. Sales to the Rangeview District accounted for 20% and 4% of the Company&#8217;s total water and wastewater revenues for the three months ended <font style="font-size: 10pt; font-family: 'Times New Roman';">February 28, 2019</font> and <font style="font-size: 10pt; font-family: 'Times New Roman';">2018</font>, respectively. Sales to the Rangeview District accounted for 7% and 5% of the Company&#8217;s total water and wastewater revenues for the six months ended <font style="font-size: 10pt; font-family: 'Times New Roman';">February 28, 2019</font> and <font style="font-size: 10pt; font-family: 'Times New Roman';">2018</font>, respectively. The Rangeview District has one significant customer, the Ridgeview Youth Services Center. The Rangeview District&#8217;s significant customer accounted for 16% and 4% of the Company&#8217;s total water and wastewater revenues for the three months ended <font style="font-size: 10pt; font-family: 'Times New Roman';">February 28, 2019</font> and <font style="font-size: 10pt; font-family: 'Times New Roman';">2018</font>, respectively, and 5% and 4% for the six months ended February 28, 2019 and 2018, respectively.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Revenues from two other customers represented approximately 52% and 21%, respectively, of the Company&#8217;s water and wastewater revenues for the three months ended <font style="font-size: 10pt; font-family: 'Times New Roman';">February 28, 2019</font>. These two customers are in the oil and gas industry. Revenues from two other customers represented approximately 58% and 36%, respectively, of the Company&#8217;s water and wastewater revenues for the three months ended <font style="font-size: 10pt; font-family: 'Times New Roman';">February 28, 2018</font>. These customers are in the oil and gas industry. Revenues from two other customers represented approximately 43% and 48%, respectively, of the Company&#8217;s water and wastewater revenues for the six months ended <font style="font-size: 10pt; font-family: 'Times New Roman';">February 28, 2019</font>. These two customers are in the oil and gas industry. Revenues from three other customers represented approximately 57%, 20% and 17%, respectively, of the Company&#8217;s water and wastewater revenues for the six months ended <font style="font-size: 10pt; font-family: 'Times New Roman';">February 28, 2018</font>. These customers are in the oil and gas industry.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Land Development</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Revenues from three customers represented 100% of the Company&#8217;s land development revenues for the three months ended February 28, 2019. The three customers represented 58%, 27% and 15%, respectively, of the Company&#8217;s land development revenues for the three months ended February 28, 2019. Revenues from three customers represented 100% of the Company&#8217;s land development revenues for the six months ended February 28, 2019. The three customers represented 61%, 30% and 9%, respectively, of the Company&#8217;s land development revenues for the six months ended February 28, 2019. No revenues were recognized from the Company&#8217;s land development activities for the three or six months ended February 28, 2018.</font></div><div><br /></div><div style="text-align: left;"><font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"><u>Accounts Receivable</u></font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Company had accounts receivable from the Rangeview District which accounted for 58% and 3% of the Company&#8217;s trade receivables balances at February 28, 2019 and August 31, 2018, respectively. The Company had accounts receivable from one other customer of approximately 16% at February 28, 2019. The Company had accounts receivable from two other customers of approximately 43% and 30%, respectively, at August 31, 2018. Accounts receivable from the Rangeview District&#8217;s largest customer accounted for 11% and 2% of the Company&#8217;s water and wastewater trade receivables as of February 28, 2019 and August 31, 2018, respectively. Of the trade receivables from the Rangeview District as of February 28, 2019, approximately 82% is related to water tap sales and 18% is related to water and wastewater service sales.</font></div></div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -URI http://asc.fasb.org/topic&amp;trid=2134479<br></p></div>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6639264832">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>ACCRUED LIABILITIES<br></strong></div></th>
<th class="th" colspan="1">6 Months Ended</th>
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<tr><th class="th"><div>Feb. 28, 2019</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_us-gaap_PayablesAndAccrualsAbstract', window );"><strong>ACCRUED LIABILITIES [Abstract]</strong></a></td>
<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_us-gaap_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock', window );">ACCRUED LIABILITIES</a></td>
<td class="text"><div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">NOTE 8 &#8211; ACCRUED LIABILITIES</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">At <font style="font-size: 10pt; font-family: 'Times New Roman';">February 28, 2019</font>, the Company had accrued liabilities of $2,065,400, of which $25,000 was for estimated property taxes, $45,000 was for professional fees, and $1,995,400 was for operating payables, of which $1,932,100 is payable to the CAB for the development of Sky Ranch.&#160; These costs are also included in Inventories or expensed through lot fee construction costs of revenue.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">At <font style="font-size: 10pt; font-family: 'Times New Roman';">August 31, 2018</font>, the Company had accrued liabilities of $849,500, of which $400,000 was for accrued compensation, $29,000 was for estimated property taxes, $59,000 was for professional fees and the remaining $361,500 was related to operating payables.</font></div></div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<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),20,24)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6812669760">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>COMMITMENTS AND CONTINGENCIES<br></strong></div></th>
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<td class="text"><div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">NOTE 9 &#8211; COMMITMENTS AND CONTINGENCIES</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">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&#8217;s financial position, results of operations or cash flows. The Company had no contingencies where the risk of loss was reasonably possible as of <font style="font-size: 10pt; font-family: 'Times New Roman';">February 28, 2019</font> or <font style="font-size: 10pt; font-family: 'Times New Roman';">August 31, 2018</font>.</font></div></div><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for commitments and contingencies.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 450<br> -URI http://asc.fasb.org/topic&amp;trid=2127136<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 440<br> -URI http://asc.fasb.org/topic&amp;trid=2144648<br></p></div>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6823221600">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SEGMENT INFORMATION<br></strong></div></th>
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<td class="text"><div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">NOTE 10 &#8211; SEGMENT INFORMATION</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">An operating segment is defined as a component of an enterprise for which discrete financial information is available and is reviewed regularly by the Chief Operating Decision Maker (the &#8220;CODM&#8221;), or decision-making group, to evaluate performance and make operating decisions. The Company has identified its CODM as the Chief Executive Officer.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">During the year 2018, the Company began construction of lots at Sky Ranch, which the Company has identified as a segment. 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font-family: 'Times New Roman';">5,702,968</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">1,854,793</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td></tr></table><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; 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width: 76%; background-color: #FFFFFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Land development activities</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">16,732,957</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; 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text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">15,619,708</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">25,687,625</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: #FFFFFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Total assets</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">74,345,933</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">71,906,615</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td></tr></table></div><span></span>
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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>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6831961616">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>PRESENTATION OF INTERIM INFORMATION (Policies)<br></strong></div></th>
<th class="th" colspan="1">6 Months Ended</th>
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<tr><th class="th"><div>Feb. 28, 2019</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_us-gaap_AccountingPoliciesAbstract', window );"><strong>PRESENTATION OF INTERIM INFORMATION [Abstract]</strong></a></td>
<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_us-gaap_PriorPeriodReclassificationAdjustmentDescription', window );">Reclassifications</a></td>
<td class="text"><div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify;"><font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"><u>Reclassifications</u></font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">Certain reclassifications have been made to the </font><font style="font-size: 10pt; font-family: 'Times New Roman';">2018</font><font style="font-size: 10pt; font-family: 'Times New Roman';"> financial statements to conform to the consolidated 2019 financial statement presentation. These reclassifications had no effect on net earnings or cash flows previously reported.</font></font></div></div><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_UseOfEstimates', window );">Use of Estimates</a></td>
<td class="text"><div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify;"><font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"><u>Use of Estimates</u></font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The preparation of consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</font></div></div><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_CashAndCashEquivalentsPolicyTextBlock', window );">Cash and Cash Equivalents</a></td>
<td class="text"><div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify;"><font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"><u>Cash and Cash Equivalents</u></font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Cash and cash equivalents include all highly liquid debt instruments with original maturities of three months or less. The Company&#8217;s cash equivalents are comprised entirely of money market funds maintained at a reputable financial institution. At various times during the three months ended <font style="font-size: 10pt; font-family: 'Times New Roman';">February 28, 2019</font>, the Company&#8217;s main operating account exceeded federally insured limits. To date, the Company has not suffered a loss due to such excess balance.</font></div></div><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_LandDevelopmentInventoriesPolicyTextBlock', window );">Land Development Inventories</a></td>
<td class="text"><div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify;"><font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"><u>Land Development Inventories</u></font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Inventories primarily include land held for development and sale and are stated at cost. Capitalized lot development costs at Sky Ranch are costs incurred to construct finished lots at Sky Ranch that meet the Company&#8217;s capitalization criteria for improvements to a lot and are capitalized as incurred. The Company capitalizes certain legal, engineering, design, permitting, land acquisition, and construction costs related to the development of lots at Sky Ranch. The Company uses the specific identification method for the purpose of accumulating land development costs and allocates costs to each lot to determine the cost basis for each lot sale. The Company records land cost of sales for two of three of our builders over time based on inputs of costs to total costs and for one builder at a point in time as lots are delivered.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">In accordance with Accounting Standards Codification (&#8220;ASC&#8221;) Topic 360, <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Property, Plant and Equipment</font> (&#8220;ASC 360&#8221;), the Company measures land held for sale at the lower of the carrying value or fair value less estimated costs to sell. In determining fair value, the Company primarily relies upon the most recent negotiated price. If a negotiated price is not available, the Company will consider several factors, including, but not limited to, current market conditions, recent comparable sales transactions and market analysis studies. If the fair value less estimated costs to sell is lower than the current carrying value, the land is impaired to its estimated fair value less costs to sell.</font></div></div><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_ContractAssetPolicyTextBlock', window );">Contract Asset</a></td>
<td class="text"><div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify;"><font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"><u>Contract Asset</u></font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">Contract receivables are recorded at the invoiced amount and do not bear interest. Credit is extended based on the evaluation of a customer&#8217;s financial condition and collateral is not required. </font>Contract asset<font style="font-size: 10pt; font-family: 'Times New Roman';"> is revenue which has been earned but not invoiced. The contract assets are transferred to the receivables when the Company has the right to bill such amounts and they are invoiced.</font></font></div></div><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_InvestmentPolicyTextBlock', window );">Investments</a></td>
<td class="text"><div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify;"><font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"><u>Investments</u></font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Management determines the appropriate classification of its investments in certificates of deposit and U.S. Treasury debt securities at the time of purchase and re-evaluates such determinations each reporting period.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Certificates of deposit and U.S. Treasury 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 $191,600 of investments classified as held-to-maturity at <font style="font-size: 10pt; font-family: 'Times New Roman';">February 28, 2019</font>, which represent certificates of deposit with a maturity date in October 2019.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Securities that the Company does not have the positive intent or ability to hold to maturity, including certificates of deposit and U.S. Treasury debt securities, are reported at their fair value. Changes in value of such securities are recorded as a component of <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Accumulated other comprehensive income (loss).</font> The cost of securities sold is based on the specific identification method. The Company&#8217;s U.S. Treasury debt securities matured at various dates through March 2019.</font></div></div><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_ConcentrationOfCreditRiskAndFairValueOfFinancialInstrumentsPolicyPolicyTextBlock', window );">Concentration of Credit Risk and Fair Value</a></td>
<td class="text"><div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify;"><font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"><u>Concentration of Credit Risk and Fair Value</u></font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">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, certificates of deposit and U.S. Treasury obligations. To date, the Company has not experienced significant losses on any of these investments.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">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><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Cash and Cash Equivalents &#8211;</font> 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 amounts of cash and cash equivalents approximate fair value.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Trade Accounts Receivable &#8211;</font> The Company records accounts receivable net of allowances for uncollectible accounts.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Investments &#8211; </font>The carrying amounts of investments approximate fair value. The Company also holds a certificate of deposit that is not carried at fair value on the consolidated balance sheets and is classified as a held-to-maturity security. Investments are described further in Note 2 &#8211; <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Fair Value Measurements.</font></font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Accounts Payable &#8211;</font> The carrying amounts of accounts payable approximate fair value due to the relatively short period to maturity for these instruments.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Long-Term Financial Liabilities</font><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"> &#8211;</font> Comprehensive Amendment Agreement No. 1 (the &#8220;CAA&#8221;) is comprised of a recorded balance sheet and an off-balance sheet or &#8220;contingent&#8221; obligation associated with the Company&#8217;s acquisition of its &#8220;Rangeview Water Supply&#8221; (as defined in Note 4 &#8211; <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Water and Land Assets</font> in Part II, Item 8 of the 2018 Annual Report). The amount payable is a fixed amount but is repayable only upon the sale of &#8220;Export Water&#8221; (as defined in Note 4 &#8211; <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Water and Land Assets</font> in Part II, Item 8 of the 2018 Annual Report). Because of the uncertainty of the sale of Export Water, the Company has determined that the contingent portion of the CAA does not have a determinable fair value. The CAA is described further in Note 4 &#8211; <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Long-Term Obligations and Operating Lease &#8211; Participating Interests in Export Water Supply</font>.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Notes Receivable &#8211; Related Parties</font><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"> &#8211; </font>The carrying amounts of the notes receivable &#8211; related parties: Rangeview Metropolitan District (the &#8220;Rangeview District&#8221;), Sky Ranch Metropolitan District No. 5, and the Sky Ranch Community Authority Board (the &#8220;CAB&#8221;) approximate their fair value because the interest rates on the notes approximate market rates.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Off-Balance Sheet Instruments &#8211; </font>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 4 &#8211; <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Long-Term Obligations and Operating Lease &#8211; Participating Interests in Export Water Supply</font>.</font></div></div><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_RevenueFromContractWithCustomerPolicyTextBlock', window );">Revenue Recognition</a></td>
<td class="text"><div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify;"><font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"><u>Revenue Recognition</u></font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Company disaggregates revenue by major product line as reported on the consolidated statements of operations and comprehensive income (loss).</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Company generates revenues through two lines of business. Revenues are derived through its wholesale water and wastewater business and through the sale of developed land primarily for residential lots, both of which businesses are described below.</font></div><div><br /></div><div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Wholesale Water and Wastewater Fees</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Company generates revenues through its wholesale water and wastewater business predominantly from three sources: (i) monthly wholesale water usage fees and wastewater service fees, including monthly usage fees for water deliveries to the oil and gas industry for hydraulic fracturing, (ii) one-time water and wastewater tap fees and construction fees/Special Facility funding (as defined below), and (iii) consulting fees. Because these items are separately delivered and distinct, the Company accounts for each of the items separately, as described below.</font></div><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"><tr><td style="width: 18pt;"><br /></td><td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(i)</font></td><td style="width: auto; vertical-align: top; text-align: justify;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Monthly water usage and wastewater treatment fees</u></font>&#160;<font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">&#8211;</font> 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 at a point in time 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 Export Water and other portions of its Rangeview Water Supply off the &#8220;Lowry Range&#8221; (as described in Note 4 &#8211; <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Water and Land Assets</font> in Part II, Item 8 of the 2018 Annual Report) are shown gross of royalties to the State of Colorado Board of Land Commissioners (the &#8220;Land Board&#8221;). The Company is the distributor of the Export Water and sets pricing for the sale of Export Water. 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 Rangeview District. For water sales on the Lowry Range, the Rangeview District is directly selling the water and deemed the distributor of the water. The Rangeview District sets the price for the water sales on the Lowry Range. See further description of Export Water, the Lowry Range, and the Rangeview Water Supply in Note 4 &#8211; <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Water and Land Assets</font> under &#8220;Rangeview Water Supply and Water System&#8221; in Part II, Item 8 of the 2018 Annual Report.</font></div></td></tr></table><div><br /></div><div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">In addition to providing domestic water, the Company provides raw water for hydraulic fracturing to industrial customers in the oil and gas industry that are located in and adjacent to its service areas. Frack water revenues are recognized at a point in time upon delivering water to a customer.</font></div><div><br /></div><div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Company delivered 13.8 million and 62.7 million gallons of water to customers during the three months ended February 28, 2019 and 2018, respectively, of which 68% and 94% was used for oil and gas exploration. The Company delivered 135.4 million and 140.2 million gallons of water to customers during the six months ended February 28, 2019 and 2018, respectively, of which 79% and 90% was used for oil and gas exploration.</font></div><div><br /></div><div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Company recognizes wastewater treatment revenues monthly based on a flat monthly fee and actual usage charges. The monthly wastewater treatment fees are shown net of amounts retained by the Rangeview District. Costs of delivering water and providing wastewater service to customers are recognized as incurred.</font></div><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"><tr><td style="width: 18pt;"><br /></td><td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(ii)</font></td><td style="width: auto; vertical-align: top; text-align: justify;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Water and wastewater tap fees/Special Facility funding</u></font> &#8211; The Company recognizes water and wastewater tap fees as revenue at the time the Company grants a right for the customer to tap into the water or wastewater service line to obtain service. The Company recognized $392,500 and $0 of water tap fee revenues during the three months ended February 28, 2019 and 2018, respectively, and $619,400 and $49,900 of water tap fee revenues during the six months ended February 28, 2019 and 2018, respectively. The water tap fees recognized are based on the amounts billed by the Rangeview District and any amounts paid to third parties pursuant to the CAA as further described in Note 4 &#8211; <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Long-Term Obligations and Operating Lease</font> &#8211; <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Participating Interests</font>&#160;<font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">in Export Water Supply</font> below. The Company recognized $74,500 and $102,500 of wastewater tap fee revenues during the three and six months ended February 28, 2019, respectively. No wastewater taps were sold during the three or six months ended February 28, 2018.</font></div></td></tr></table><div><br /></div><div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Company recognizes construction fees, including fees received to construct &#8220;Special Facilities,&#8221; over time as the construction is completed because the customer is generally able to use the property improvement to enhance the value of other assets during the construction period. Special Facilities are facilities that enable water to be delivered to a single customer and are not otherwise classified as a typical wholesale facility or retail facility. 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. Management has determined that Special Facilities are separate and distinct performance obligations because these projects are contracted to construct a specific water and wastewater system or transmission pipeline and typically do not include multiple performance obligations in a contract with a customer. No Special Facilities revenue has been recognized during the three and six months ended February 28, 2019 or 2018.</font></div><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"><tr><td style="width: 18pt;"><br /></td><td style="width: 18pt; vertical-align: top;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(iii)</font></td><td style="width: auto; vertical-align: top; text-align: justify;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Consulting fees</u></font> &#8211; Consulting fees are fees that the Company receives, typically on a monthly basis, from municipalities and area water providers along the I-70 corridor, for contract operations services over time as services are consumed. Consulting fees are recognized monthly based on a flat monthly fee plus charges for additional work performed. The Company recognized $50,400 and $31,600 of consulting fees during the three months ended February 28, 2019 and 2018, respectively and $110,200 and $58,000 of consulting fees during the six months ended <font style="font-size: 10pt; font-family: 'Times New Roman';">February 28, 2019</font> and <font style="font-size: 10pt; font-family: 'Times New Roman';">2018</font>, respectively.</font></div></td></tr></table><div><br /></div><div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Land Development Activities</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Company generates revenues through the sale of finished lots at its Sky Ranch development primarily from several sources of revenues: (i) the sale of finished lots, (ii) construction support activities, (iii) project management services, and (iv) reimbursable expenses incurred to develop certain infrastructure.</font></div><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"><tr><td style="width: 18pt;"><br /></td><td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(i)</font></td><td style="width: auto; vertical-align: top; text-align: justify;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Sale of finished lots</u></font> &#8211; The Company acquired 931 acres of land zoned as a Master Planned Community known as Sky Ranch along the I-70 corridor east of Denver, Colorado. The Company has entered into purchase and sale agreements with three separate home builders pursuant to which the Company agreed to sell, and each builder agreed to purchase, residential lots at the property. The Company began construction of lots on March 1, 2018 and segments its reporting of the activity relating to the costs and revenues from the construction and sale of lots at Sky Ranch.</font></div></td></tr></table><div><br /></div><div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Company sells lots at Sky Ranch pursuant to distinct agreements with each builder. These agreements follow one of two formats. One format is the sale of a finished lot, whereby the purchaser pays for a ready-to-build finished lot and payment is a lump-sum payment upon completion of the finished lot. The Company recognizes revenues at the point in time of the closing of the sale of a finished lot in which control transfers to the builder and the builder is able to obtain a building permit, as the transaction cycle is complete, and the Company has no further obligations for the lot. As of the three and six months ended February 28, 2019, the Company had received from one home builder in exchange for the delivery of four platted lots a total payment of $300,000, which was recognized at a point of time of the closing of the sale of the finished lots. No revenue was recognized for lot sales at a point in time for the three or six months ended February 28, 2018.</font></div><div><br /></div><div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Company&#8217;s second format is the sale of finished lots pursuant to a development agreement with builders, whereby the Company receives payments in stages that include (i) payment upon the delivery of platted lots (which requires the Company to deliver deeded title to individual lots), (ii) a second payment upon the completion of certain infrastructure milestones, and (iii) final payment upon the delivery of the finished lot. Ownership and control of the platted lots pass to the builders once the Company closes the sale of the platted lots. Because the builder (i.e., the customer) takes control of the lot at the first closing and subsequent improvements made by the Company improve the builder&#8217;s lot as construction progresses, the Company accounts for revenue over time with progress measured based upon costs incurred to date compared to total expected costs and any revenue in excess of amounts entitled to be billed are reflected on the balance sheet as a contract asset and amounts received in excess of revenue recognized are recorded as deferred revenue. As of February 28, 2019, the Company had received from three home builders in exchange for delivery of 150 platted lots total payments of $6.6 million, of which $5.2 million had been recognized based upon costs incurred to date compared to total expected costs. For the three and six months ended February 28, 2019, the Company recognized $1,646,400 and $3,027,600 of lot sales over time, respectively. No revenue was recognized for lot sales for the three or six months ended February 28, 2018. The Company had deferred revenue related to lot sales of $1,455,200 and $0 as of February 28, 2019 and 2018, respectively. The Company does not have any material significant payment terms as all payments are expected to be received within 12 months after the delivery of each platted lot.&#160; The Company adopted the practical expedient for financing components and does not need to account for a financing component of these lot sales as the delivery of lot sales is expected to occur within one year or less.</font></div><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"><tr><td style="width: 18pt;"><br /></td><td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(ii)</font></td><td style="width: auto; vertical-align: top; text-align: justify;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Construction support activities</u></font> &#8211; The Company performs certain construction activities at Sky Ranch. The activities performed include construction and maintenance of the grading erosion and sediment control best management practices and other construction-related services. These activities are invoiced upon completion and will accrue to the reimbursable amount due from the CAB upon issuance of municipal bonds by the CAB. Once the municipal bonds are issued, all reimbursable costs will be recorded as a note receivable and will reduce any remaining capitalized costs. Any excess will be recognized as a gain from the sale of municipal bond securities. To date, the Company has invoiced the CAB $340,700 for construction support activities, which amount is included in Inventories.</font></div></td></tr></table><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"><tr><td style="width: 18pt;"><br /></td><td style="width: 18pt; vertical-align: top;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(iii)</font></td><td style="width: auto; vertical-align: top; text-align: justify;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Project management services</u></font> &#8211; The Company entered into two Service Agreements for Project Management Services with the CAB on May 2, 2018. The CAB was organized by Sky Ranch Metropolitan District Nos. 1 and 5 to construct, operate and maintain certain public facilities and improvements in accordance with the Sky Ranch Community Authority Board Establishment Agreement and each of the service plans for Sky Ranch Metropolitan District Nos. 1 and 5. The Company has experience in providing project improvement services and is willing to provide such services to the CAB for reasonable consideration.</font></div></td></tr></table><div><br /></div><div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Pursuant to these agreements, the Company acts as the project manager and provides any and all services required to deliver the CAB-eligible improvements, including but not limited to CAB compliance; planning design and approvals; project administration; contractor agreements; and construction management and administration. The Company must submit to the CAB a monthly invoice, in a form acceptable to the CAB. Invoices must be submitted no more frequently than once a month. The Company is responsible for all expenses it incurs in the performance of the agreements and is not entitled to any reimbursement or compensation except as defined in the agreements, unless otherwise approved in advance by the CAB in writing. The CAB is subject to annual budget and appropriation procedures and does not intend to create a multiple-fiscal year direct or indirect debt or other financial obligation. The Company receives a project management fee of five percent (5%) of actual construction costs of CAB-eligible improvements. The project management fee qualifies as a reimbursable cost to the Company. The project management fee is based only on the actual costs of the improvements; thus, items such as fees, permits, review fees, consultant or other soft costs, and land acquisition or any other costs that are not directly related to the cost of construction of CAB-eligible improvements are not included in the calculation of the project management fee. Soft costs and other costs that are not directly related to the construction of CAB-eligible improvements are being accrued to the reimbursable amount due from the CAB upon issuance of municipal bonds by the CAB. Once the municipal bonds are issued, all reimbursable costs will be recorded as a note receivable and will reduce any remaining capitalized costs. Any excess will be recognized as a gain from the sale of municipal bond securities. 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Due to this contingency, the reimbursable costs are included in lot development costs until the point in time when bonding is obtained. 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vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Cumulative effect of adoption of ASU 2014-09</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">(1,055,488</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Deferral of revenue</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">4,121,768</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">2,667,200</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Recognition of unearned revenue</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">(3,055,444</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">(2,190,039</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); padding-bottom: 2px;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Balance, end of period</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">1,543,485</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">477,161</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td></tr></table><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Revenue allocated to remaining performance obligations represents contracted revenue that has not yet been recognized (&#8220;contracted not recognized revenue&#8221;), which includes unearned revenue and amounts that will be invoiced and recognized as revenue in future periods. At February 28, 2019, the Company had outstanding open contracts for $29,387,700, which primarily related to the sale of 506 lots at Sky Ranch. The Company expects to recognize approximately 54% of such revenue over the next 12 months.</font></div></div><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_InventoryPolicyTextBlock', window );">Inventories</a></td>
<td class="text"><div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify;"><font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"><u>Inventories</u></font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Inventories include land held for development and sale that the Company has developed and are stated at cost. Capitalized lot development costs at Sky Ranch are costs incurred to construct finished lots at Sky Ranch that meet the Company&#8217;s capitalization criteria for improvements to a lot and are capitalized as incurred. The Company capitalizes certain legal, engineering, design, permitting, land acquisition, and construction costs related to the development of lots at Sky Ranch. The Company uses the specific identification method for purposes of accumulating land development costs and allocates costs to each lot to determine the cost basis for each lot sale. The Company records all land cost of sales for those contracts accounted for over time with progress measured based upon costs incurred to date compared to total expected costs. For customer contracts accounted for at a point in time, all costs are accumulated and recognized at the point in time control transfers to the customer, which is generally at closing for each finished lot. Inventory costs include common area costs that the Company funded through the CAB.&#160; The Company expects that the costs will be reimbursed by the CAB. The Company will record any reimbursements as a reduction of cost once the CAB has the ability to reimburse the costs (i.e., once the CAB has issued bonds).</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">In accordance with ASC 360, the Company measures land held for sale at the lower of the carrying value or fair value less estimated costs to sell. In determining fair value, the Company primarily relies upon the most recent negotiated price. If a negotiated price is not available, the Company will consider several factors, including, but not limited to, current market conditions, recent comparable sales transactions and market analysis studies. If the fair value less estimated costs to sell is lower than the current carrying value, the land is impaired to its estimated fair value less costs to sell.</font></div></div><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_RoyaltyAndOtherObligationsPolicyTextBlock', window );">Royalty and Other Obligations</a></td>
<td class="text"><div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify;"><font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"><u>Royalty and Other Obligations</u></font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">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 invoiced directly by the Rangeview District, and a percentage of such collections are then paid to the Company by the Rangeview District. Water revenue from such sales are shown net of royalties paid to the Land Board and amounts retained by the Rangeview District.</font></div></div><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_LesseeLeasesPolicyTextBlock', window );">Oil and Gas Lease Payments</a></td>
<td class="text"><div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify;"><font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"><u>Oil and Gas Lease Payments</u></font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">As further described in Note 2 &#8211; <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Summary of Significant Accounting Policies</font> in Part II, Item 8 of the 2018 Annual Report, the Company entered into a Paid-Up Oil and Gas Lease and a Surface Use and Damage Agreement that were subsequently purchased by a wholly owned subsidiary of ConocoPhillips Company. Two wells were drilled within the Company&#8217;s mineral interest and placed into service and began producing oil and gas and accruing royalties to the Company. During the three months ended <font style="font-size: 10pt; font-family: 'Times New Roman';">February 28, 2019</font> and <font style="font-size: 10pt; font-family: 'Times New Roman';">2018</font>, the Company received $44,400 and $49,800 net of taxes, respectively, in royalties attributable to these two wells. During the six months ended <font style="font-size: 10pt; font-family: 'Times New Roman';">February 28, 2019</font> and <font style="font-size: 10pt; font-family: 'Times New Roman';">2018</font>, the Company received $75,800 and $91,500 net of taxes, respectively, in royalties attributable to these two wells. The Company classifies income from oil and gas lease and royalty payments as <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Other income</font> in the statement of operations and comprehensive income (loss) as the Company does not consider these arrangements to be a primary operating business activity.</font></div></div><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_DeferredRevenueFromContractWithCustomerPolicyTextBlock', window );">Deferred Revenue</a></td>
<td class="text"><div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify;"><font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"><u>Deferred Revenue</u></font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Deferred revenue as of February 28, 2019, was comprised of unearned revenue from a Paid-Up Oil and Gas Lease between the Company and Bison Oil and Gas, LLP, for the purpose of exploring for, developing, producing, and marketing oil and gas on the 40 acres of mineral estate that the Company owns adjacent to the Lowry Range (the &#8220;Bison Lease&#8221;) and unearned revenue from advanced payments for lot sales at Sky Ranch.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Company received an up-front payment of $167,200 in fiscal 2018, which will be recognized as income on a straight-line basis over three years (the term of the Bison Lease). The Company recognized lease income of $13,900 during each of the three months ended February 28, 2019 and 2018 related to the up-front payment received pursuant to the Bison Lease. The Company recognized lease income of $27,900 and $23,200 during the six months ended February 28, 2019 and 2018, respectively, related to the up-front payment received pursuant to the Bison Lease. As of February 28, 2019, and August 31, 2018, the Company had deferred revenue of $88,300 and $116,100, respectively, related to the Bison Lease that will be recognized as income ratably through September 2020.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">As of February 28, 2019, the Company had deferred revenue from lot sales of approximately $1.5 million, which included (1) a $4.4 million payment from two builders for sales of platted lots at Sky Ranch, net of $3.3 million of lot fee revenue recognized in the six months ended February 28, 2019, based on the input method of total project costs incurred as a percent of completion, and (2) a $2.5 million payment from two builders for sales of platted lots at Sky Ranch, net of $2.1 million of lot fee revenue recognized in fiscal 2018 based on the input method of total project costs incurred as a percent of completion.</font></div></div><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_ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock', window );">Long-Lived Assets</a></td>
<td class="text"><div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify;"><font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"><u>Long-Lived Assets</u></font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">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.</font></div></div><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_CapitalizedCostsOfWaterAndWastewaterSystemsAndDepletionAndDepreciationOfWaterAssetsPolicyPolicyTextBlock', window );">Capitalized Costs of Water and Wastewater Systems and Depletion and Depreciation of Water Assets</a></td>
<td class="text"><div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify;"><font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"><u>Capitalized Costs of Water and Wastewater Systems and Depletion and Depreciation of Water Assets</u></font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Costs to construct water and wastewater systems that meet the Company&#8217;s capitalization criteria are capitalized as incurred, including any 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. The Company depletes its groundwater assets that are being utilized on the basis of units produced (i.e., thousands of gallons sold) divided by the total volume of water adjudicated in the water decrees.</font></div></div><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_ShareBasedCompensationOptionAndIncentivePlansPolicy', window );">Share-Based Compensation</a></td>
<td class="text"><div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify;"><font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"><u>Share-Based Compensation</u></font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Company maintains a stock option plan for the benefit of its employees and non-employee directors. The Company records share-based compensation costs as expense over the applicable vesting period of the stock award using the straight-line method. The compensation costs to be expensed are measured at the grant date based on the fair value of the award. The Company has adopted the alternative transition method for calculating the tax effects of share-based compensation, which allows for a simplified method of calculating the tax effects of employee share-based compensation. Because the Company has a full valuation allowance on its deferred tax assets, the granting and exercise of stock options has no impact on the income tax provisions. The Company recognized $58,200 and $77,400 of share-based compensation expense during the three months ended <font style="font-size: 10pt; font-family: 'Times New Roman';">February 28, 2019</font> and <font style="font-size: 10pt; font-family: 'Times New Roman';">2018</font>, respectively. The Company recognized $161,700 and $157,600 of share-based compensation expense during the six months ended <font style="font-size: 10pt; font-family: 'Times New Roman';">February 28, 2019</font> and <font style="font-size: 10pt; font-family: 'Times New Roman';">2018</font>, respectively.</font></div></div><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_IncomeTaxPolicyTextBlock', window );">Income Taxes</a></td>
<td class="text"><div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify;"><font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"><u>Income Taxes</u></font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">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 did not have any significant unrecognized tax benefits as of <font style="font-size: 10pt; font-family: 'Times New Roman';">February 28, 2019</font>.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">As a result of H.R.1, commonly known as the Tax Cuts and Jobs Act (the &#8220;Tax Act&#8221;), signed into law on December 22, 2017, the Company has a $282,000 alternative minimum tax (&#8220;AMT&#8221;) deferred tax asset for which it did not have a valuation allowance as of <font style="font-size: 10pt; font-family: 'Times New Roman';">February 28, 2019</font> and August 31, 2018.&#160; The Company expects to receive the AMT as a refund in future years.&#160; Most, if not all, of this credit will be refundable starting with the filing of the 2018 (fiscal year ending 2019) through 2021 (fiscal year ending 2022) tax returns, subject to limitations of Internal Revenue Code Section 382 (arises with ownership changes) and the sequestration limitation of the Balanced Budget Act of 1997. The Company has evaluated the Tax Act and determined that the impact was immaterial.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Company files income tax returns with the Internal Revenue Service and the State of Colorado. The tax years that remain subject to examination are fiscal year 2015 through fiscal year <font style="font-size: 10pt; font-family: 'Times New Roman';">2018</font>.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">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 <font style="font-size: 10pt; font-family: 'Times New Roman';">February 28, 2019</font>, the Company did not have any accrued interest or penalties associated with any unrecognized tax benefits, nor was any interest expense recognized during the three or six months ended <font style="font-size: 10pt; font-family: 'Times New Roman';">February 28, 2019</font> or <font style="font-size: 10pt; font-family: 'Times New Roman';">2018</font>.</font></div></div><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_EarningsPerSharePolicyTextBlock', window );">Income (Loss) per Common Share</a></td>
<td class="text"><div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify;"><font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"><u>Income (Loss) per Common Share</u></font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares outstanding during each period. Common stock options of 209,579 common share equivalents as of the six months ended February 28, 2019, were included in the calculation of income per common share as dilutive common stock equivalents using the treasury stock method. Common stock options aggregating 50,000 common share equivalents as of the six months ended <font style="font-size: 10pt; font-family: 'Times New Roman';">February 28, 2019</font>, have been excluded from the calculation of income per common share as their effect is anti-dilutive. Common stock options of 135,840 common share equivalents as of the six months ended <font style="font-size: 10pt; font-family: 'Times New Roman';">February 28, 2018</font>, were included in the calculation of income per common share as dilutive common stock equivalents using the treasury stock method. Common stock options aggregating 32,500 common share equivalents as of the six months ended <font style="font-size: 10pt; font-family: 'Times New Roman';">February 28, 2018</font>, have been excluded from the calculation of income per common share as their effect is anti-dilutive.</font></div></div><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_NewAccountingPronouncementsPolicyPolicyTextBlock', window );">Recently Issued Accounting Pronouncements</a></td>
<td class="text"><div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify;"><font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"><u>Recently Issued Accounting Pronouncements</u></font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Company continually assesses any new accounting pronouncements to determine their applicability. When it is determined that a new accounting pronouncement affects the Company&#8217;s financial reporting, the Company undertakes a study to determine the consequence of the change to its consolidated financial statements and to 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:</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">In February 2016, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued Accounting Standards Update (&#8220;ASU&#8221;) No. 2016-02, <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Leases (Topic 842). </font>ASU 2016-02<font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">&#160;</font>provides guidance on the recognition, measurement, presentation, and disclosure of leases. The new standard supersedes the present GAAP standard on leases and requires substantially all leases to be reported on the balance sheet as right-of-use assets and lease obligations. This standard is effective for fiscal years beginning after December 15, 2018. The Company is currently assessing the impact of ASU 2016-02.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">In June 2016, the FASB issued ASU No. 2016-13, <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Financial Instruments &#8211; Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments</font>.&#160; Among other things, these amendments require the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Companies will now use forward-looking information to better inform their credit loss estimates. The standard is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company is currently assessing the provisions of the standard and the impact of the adoption on its consolidated financial statements.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">In February 2018, the FASB issued ASU 2018-02, Income Statement &#8212; Reporting Comprehensive Income (Topic 220); Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. The amendments in ASU 2018-02 allow a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Act. Consequently, the amendments eliminate the stranded tax effects resulting from the Tax Act and will improve the usefulness of information reported to financial statement users. The amendments are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted in any interim period after issuance of the standard. The Company believes the impact of this standard on its condensed consolidated financial statements is immaterial.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">In June 2018, the FASB issued ASU 2018-07, Compensation &#8212; Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. ASU 2018-07 is intended to reduce cost and complexity and to improve financial reporting for share-based payments issued to nonemployees. This standard expands the scope of ASC Topic 718, <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Compensation &#8212; Stock Compensation</font>, which currently only includes share-based payments issued to employees, to include share-based payments issued to nonemployees for goods and services. Consequently, the accounting for share-based payments to nonemployees and employees will be substantially aligned. ASU 2018-07 supersedes ASC Subtopic 505-50, <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Equity &#8212; Equity-Based Payments to Non-Employees</font>. The amendments in this ASU are effective for fiscal years beginning after December 15, 2018, including interim periods within these fiscal years. The Company is currently in the process of assessing the impact of this ASU on its condensed consolidated financial statements.</font></div></div><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 capitalized costs of water and wastewater systems and depletion and depreciation of water 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>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for concentration of credit risk and fair value of financial instruments.</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>Disclosure of accounting policy for contract asset.</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>Disclosure of accounting policy for deferred revenue from contract with customer.</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>Disclosure of land development inventory accounting policy for inventory classes, including, but not limited to, basis for determining inventory amounts, methods by which amounts are added and removed from inventory classes, loss recognition on impairment of inventories, and situations in which inventories are stated above cost.</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>Disclosure of accounting policy for royalty and other obligations.</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 );">- 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">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for cash and cash equivalents, including the policy for determining which items are treated as cash equivalents. Other information that may be disclosed includes (1) the nature of any restrictions on the entity's use of its cash and cash equivalents, (2) whether the entity's cash and cash equivalents are insured or expose the entity to credit risk, (3) the classification of any negative balance accounts (overdrafts), and (4) the carrying basis of cash equivalents (for example, at cost) and whether the carrying amount of cash equivalents approximates fair value.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=98513485&amp;loc=d3e4273-108586<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<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><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 305<br> -SubTopic 10<br> -Section 05<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6375392&amp;loc=d3e26790-107797<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<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=84158767&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 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://fasb.org/us-gaap/role/ref/legacyRef<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 2: http://fasb.org/us-gaap/role/ref/legacyRef<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 3: http://fasb.org/us-gaap/role/ref/legacyRef<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=84158767&amp;loc=d3e18780-107790<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<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></p></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 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://fasb.org/us-gaap/role/ref/legacyRef<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=109226317&amp;loc=d3e202-110218<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<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=84158767&amp;loc=d3e18780-107790<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<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></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<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 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/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 20<br> -URI http://asc.fasb.org/extlink&amp;oid=84230637&amp;loc=d3e32847-109319<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<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 3: http://fasb.org/us-gaap/role/ref/legacyRef<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=84158767&amp;loc=d3e18780-107790<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<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=84230637&amp;loc=d3e32809-109319<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<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=84230637&amp;loc=d3e32840-109319<br><br>Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef<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=84176650&amp;loc=d3e32247-109318<br><br>Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef<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=84176650&amp;loc=d3e32280-109318<br><br>Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef<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></p></div>
<a href="javascript:void(0);" 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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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 inventory accounting policy for inventory classes, including, but not limited to, basis for determining inventory amounts, methods by which amounts are added and removed from inventory classes, loss recognition on impairment of inventories, and situations in which inventories are stated above cost.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 330<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=66092785&amp;loc=d3e4556-108314<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<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=84158767&amp;loc=d3e18780-107790<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6361739&amp;loc=d3e7789-107766<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 270<br> -SubTopic 10<br> -Section 45<br> -Paragraph 6<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=109236672&amp;loc=d3e543-108305<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 330<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=66092785&amp;loc=d3e4492-108314<br><br>Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.6(b))<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_InventoryPolicyTextBlock</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for 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://fasb.org/us-gaap/role/ref/legacyRef<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 2: http://fasb.org/us-gaap/role/ref/legacyRef<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 3: http://fasb.org/us-gaap/role/ref/legacyRef<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=82897076&amp;loc=d3e27290-111563<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<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=84158767&amp;loc=d3e18780-107790<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<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=114001798&amp;loc=d3e33918-111571<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ 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_InvestmentPolicyTextBlock</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LesseeLeasesPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 leasing arrangement entered into by lessee.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 842<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=77888426&amp;loc=SL77918666-209980<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ 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_LesseeLeasesPolicyTextBlock</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy pertaining to new accounting pronouncements that may impact the entity's financial reporting. Includes, but is not limited to, quantification of the expected or actual impact.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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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 reclassifications that affects the comparability 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://fasb.org/us-gaap/role/ref/legacyRef<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>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ 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_PriorPeriodReclassificationAdjustmentDescription</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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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RevenueFromContractWithCustomerPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for revenue from contract with customer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (e)<br> -URI http://asc.fasb.org/extlink&amp;oid=84158767&amp;loc=d3e18823-107790<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 606<br> -URI http://asc.fasb.org/topic&amp;trid=49130388<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ 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_RevenueFromContractWithCustomerPolicyTextBlock</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>
<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for stock option and stock incentive plans. This disclosure may include (1) the types of stock option or incentive plans sponsored by the entity (2) the groups that participate in (or are covered by) each plan (3) significant plan provisions and (4) how stock compensation is measured, and the methodologies and significant assumptions used to determine that measurement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<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=84158767&amp;loc=d3e18780-107790<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<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=109197908&amp;loc=d3e5070-113901<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<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=109197908&amp;loc=d3e5047-113901<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_ShareBasedCompensationOptionAndIncentivePlansPolicy</td>
</tr>
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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 class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 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/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=99393423&amp;loc=d3e6191-108592<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=99393423&amp;loc=d3e6161-108592<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<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=99393423&amp;loc=d3e6143-108592<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=99393423&amp;loc=d3e5967-108592<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<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=99393423&amp;loc=d3e6061-108592<br><br>Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef<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=99393423&amp;loc=d3e6132-108592<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=99393423&amp;loc=d3e5967-108592<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td>na</td>
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<td>duration</td>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6823156544">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>PRESENTATION OF INTERIM INFORMATION (Tables)<br></strong></div></th>
<th class="th" colspan="1">6 Months Ended</th>
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<tr><th class="th"><div>Feb. 28, 2019</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_us-gaap_AccountingPoliciesAbstract', window );"><strong>PRESENTATION OF INTERIM INFORMATION [Abstract]</strong></a></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_ContractWithCustomerAssetAndLiabilityTableTextBlock', window );">Changes in Contract Asset and Deferred Revenue</a></td>
<td class="text"><div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Company evaluated disaggregation of revenue and has determined that no additional disaggregation of revenue is necessary.</font></div><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Contract asset by segment is as follows:</font></div><div><br /></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;"><font style="font-weight: bold; font-size: 10pt; 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vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;"><font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';">August 31, 2018</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Balance, beginning of period</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; 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vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;"><font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';">August 31, 2018</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Wholesale water and wastewater services</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; 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width: 76%; padding-bottom: 4px; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Balance, end of period</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">1,543,485</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; 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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of contract balances and changes in contract balances.</p></div>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6609038288">
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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">6 Months Ended</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_FairValueAssetsMeasuredOnRecurringBasisTextBlock', window );">Assets and Liabilities Measured at Fair Value on a Recurring Basis</a></td>
<td class="text"><div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The following table provides information on the assets and liabilities measured at fair value on a recurring basis as of <font style="font-size: 10pt; font-family: 'Times New Roman';">February 28, 2019</font>:</font></div><div><br /></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="10" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Fair Value Measurement Using:</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Fair Value</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Cost /</font></div><div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Other Value</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Quoted Prices in</font></div><div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Active Markets</font></div><div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">for Identical</font></div><div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Assets</font></div><div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">(Level 1)</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Significant</font></div><div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Other</font></div><div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Observable </font></div><div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Inputs</font></div><div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">(Level 2)</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Significant</font></div><div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Unobservable</font></div><div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Inputs</font></div><div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">(Level 3)</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Accumulated</font></div><div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Unrealized</font></div><div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Gains and</font></div><div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">(Losses)</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 28%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">U.S. Treasury debt securities</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">6,938,600</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">6,925,900</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">6,938,600</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">12,700</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 28%; padding-bottom: 4px; background-color: #FFFFFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 16.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Total</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">6,938,600</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">6,925,900</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">6,938,600</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">12,700</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td></tr></table><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The following table provides information on the assets and liabilities measured at fair value on a recurring basis as of <font style="font-size: 10pt; font-family: 'Times New Roman';">August 31, 2018</font>:</font></div><div><br /></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="10" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Fair Value Measurement Using:</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Fair Value</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Cost /</font></div><div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Other Value</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Quoted Prices in</font></div><div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Active Markets</font></div><div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">for Identical</font></div><div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Assets</font></div><div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">(Level 1)</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Significant</font></div><div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Other</font></div><div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Observable </font></div><div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Inputs</font></div><div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">(Level 2)</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Significant</font></div><div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Unobservable</font></div><div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Inputs</font></div><div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">(Level 3)</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Accumulated</font></div><div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Unrealized</font></div><div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Gains and</font></div><div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">(Losses)</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 28%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">U.S. Treasury debt securities</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; 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vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; 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vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">66,400</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td></tr></table></div><span></span>
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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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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6604081280">
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<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">6 Months Ended</th>
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<tr><th class="th"><div>Feb. 28, 2019</div></th></tr>
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<td class="text"><div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Company&#8217;s Investments in Water and Water Systems consist of the following costs and accumulated depreciation and depletion at <font style="font-size: 10pt; font-family: 'Times New Roman';">February 28, 2019</font> and <font style="font-size: 10pt; font-family: 'Times New Roman';">August 31, 2018</font>:</font></div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="6" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center;"><font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';">February 28, 2019</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="6" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center;"><font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';">August 31, 2018</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center;"><font style="font-size: 10pt; 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padding-bottom: 2px;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Costs</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Accumulated</font></div><div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Depreciation</font></div><div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">and Depletion</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; 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text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Fairgrounds water and water system</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">2,899,900</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; 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font-family: 'Times New Roman';">4,535,600</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">(748,700</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; 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font-family: 'Times New Roman';">1,631,700</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">(267,700</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Sky Ranch pipeline</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">5,697,400</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; 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background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Totals</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; 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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6635931824">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>LONG-TERM OBLIGATIONS AND OPERATING LEASE (Tables)<br></strong></div></th>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6799932416">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SHAREHOLDERS' EQUITY (Tables)<br></strong></div></th>
<th class="th" colspan="1">6 Months Ended</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_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock', window );">Stock Option Activity</a></td>
<td class="text"><div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The following table summarizes the combined stock option activity for the 2004 Incentive Plan and 2014 Equity Plan for the <font style="font-size: 10pt; font-family: 'Times New Roman';">six</font> months ended <font style="font-size: 10pt; font-family: 'Times New Roman';">February 28, 2019</font>:</font></div><div><br /></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"><div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; 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vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 4px; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Options exercisable at <font style="font-size: 10pt; font-family: 'Times New Roman';">February 28, 2019</font></font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; 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</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_ScheduleOfNonvestedShareActivityTableTextBlock', window );">Value of Non-vested Options</a></td>
<td class="text"><div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The following table summarizes the combined activity and value of non-vested options under the 2004 Equity Plan and 2014 Incentive Plan as of and for the <font style="font-size: 10pt; font-family: 'Times New Roman';">six</font> months ended <font style="font-size: 10pt; font-family: 'Times New Roman';">February 28, 2019</font>:</font></div><div><br /></div><table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center;"><font style="font-size: 10pt; 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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6823200032">
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text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">-</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 4px; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Total revenues</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; 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padding-bottom: 2px;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center;"><font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';"> 2019</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center;"><font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';">2018</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"> 2019</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"> 2018</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Wholesale water and wastewater services</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">257,509</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">564,924</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">1,420,582</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">1,080,204</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #FFFFFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Land development activities</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">116,783</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8212;</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">199,655</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">-</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Corporate</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">(470,317</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">(464,762</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">(1,082,290</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">(1,076,653</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></div></td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 4px; background-color: #FFFFFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Total pretax income (loss)</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">(96,025</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">)</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">100,162</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">537,947</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">3,551</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td></tr></table><div><br /></div><div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The following table summarizes total assets for the Company&#8217;s wholesale water and wastewater services business and land development business by segment.&#160; The assets consist of water rights and water and wastewater systems in the Company&#8217;s wholesale water and wastewater services segment. 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padding-bottom: 2px;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;"><div style="text-align: center;"><font style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';">August 31, 2018</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Wholesale water and wastewater services</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">41,993,268</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">36,721,884</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Land development activities</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">16,732,957</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">9,497,106</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Corporate</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">15,619,708</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">25,687,625</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 4px; background-color: #FFFFFF;"><div style="text-align: left; text-indent: -7.2pt; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Total assets</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">74,345,933</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td><td colspan="1" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">$</font></div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;"><div><font style="font-size: 10pt; font-family: 'Times New Roman';">71,906,615</font></div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;">&#160;</td></tr></table></div><span></span>
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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>Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 22<br> -URI http://asc.fasb.org/extlink&amp;oid=115929826&amp;loc=d3e8736-108599<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 25<br> -URI http://asc.fasb.org/extlink&amp;oid=115929826&amp;loc=d3e8813-108599<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=108376223&amp;loc=d3e13816-109267<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 21<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=115929826&amp;loc=d3e8721-108599<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<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=115929826&amp;loc=d3e8906-108599<br></p></div>
<a href="javascript:void(0);" 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 );">- 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">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6765661088">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>PRESENTATION OF INTERIM INFORMATION, Investments (Details) - USD ($)<br></strong></div></th>
<th class="th"><div>Feb. 28, 2019</div></th>
<th class="th"><div>Aug. 31, 2018</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_InvestmentsAbstract', window );"><strong>Investments [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_HeldToMaturitySecurities', window );">Held-to-maturity securities</a></td>
<td class="nump">$ 191,600<span></span>
</td>
<td class="nump">$ 190,400<span></span>
</td>
</tr>
</table>
<div style="display: none;">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of investment in debt security measured at amortized cost (held-to-maturity).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 320<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=109979856&amp;loc=d3e26610-111562<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 320<br> -SubTopic 10<br> -Section 50<br> -Paragraph 5<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=82897076&amp;loc=d3e27232-111563<br></p></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 );">- 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">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6767975456">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>PRESENTATION OF INTERIM INFORMATION, Land Development Inventories (Details)<br></strong></div></th>
<th class="th" colspan="1">6 Months Ended</th>
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<tr><th class="th">
<div>Feb. 28, 2019 </div>
<div>HomeBuilders</div>
</th></tr>
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<td class="text">&#160;<span></span>
</td>
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<td class="nump">2<span></span>
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<td class="nump">3<span></span>
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<td class="nump">1<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>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the number of builders at a point in time for land cost of sales 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>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the number of builders on over a time based inputs for land cost of sales 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>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Refers to number of home builders.</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;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6833976688">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>PRESENTATION OF INTERIM INFORMATION, Revenue Recognition (Details)<br></strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
<th class="th" colspan="2">6 Months Ended</th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1">17 Months Ended</th>
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<tr>
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<div>Feb. 28, 2019 </div>
<div>USD ($) </div>
<div>a </div>
<div>HomeBuilders </div>
<div>Lot </div>
<div>gal</div>
</th>
<th class="th">
<div>Feb. 28, 2018 </div>
<div>USD ($) </div>
<div>gal</div>
</th>
<th class="th">
<div>Feb. 28, 2019 </div>
<div>USD ($) </div>
<div>a </div>
<div>HomeBuilders </div>
<div>BusinessLine </div>
<div>Source </div>
<div>Lot </div>
<div>Agreement </div>
<div>acre ft </div>
<div>gal</div>
</th>
<th class="th">
<div>Feb. 28, 2018 </div>
<div>USD ($) </div>
<div>gal</div>
</th>
<th class="th">
<div>Aug. 31, 2018 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Feb. 02, 2019 </div>
<div>USD ($) </div>
<div>HomeBuilders </div>
<div>Lot</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_DisaggregationOfRevenueAbstract', window );"><strong>Revenue Recognition [Abstract]</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="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_NumberOfBusinessLines', window );">Number of business lines | BusinessLine</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2<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_NumberOfRevenueSources', window );">Number of revenue sources | Source</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3<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_RevenueFromContractWithCustomerExcludingAssessedTax', window );">Total revenues</a></td>
<td class="nump">$ 2,630,419<span></span>
</td>
<td class="nump">$ 844,661<span></span>
</td>
<td class="nump">$ 5,702,968<span></span>
</td>
<td class="nump">$ 1,854,793<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_ContractWithCustomerLiabilityCurrent', window );">Deferred revenues, current</a></td>
<td class="nump">$ 1,455,241<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,455,241<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 361,050<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_LandAbstract', window );"><strong>Land [Abstract]</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="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_AreaOfLand', window );">Area of land (in acres) | a</a></td>
<td class="nump">931<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">931<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 custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_NumberOfHomeBuilders', window );">Number of home builders | HomeBuilders</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3<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_ContractWithCustomerLiabilityRevenueRecognized', window );">Contract revenues recognized</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 3,055,444<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 2,190,039<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_ConstructionSupportAmountInvoiced', window );">Construction support amount invoiced</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 340,700<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="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_ProductOrServiceAxis=pcyo_MeteredWaterUsageMember', window );">Metered Water Usage [Member]</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>
</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_DisaggregationOfRevenueAbstract', window );"><strong>Revenue Recognition [Abstract]</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="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_AssumedAnnualWaterDemandForSingleFamilyEquivalent', window );">Assumed annual water demand (in acre feet) | acre ft</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0.4<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 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">13,800,000<span></span>
</td>
<td class="nump">62,700,000<span></span>
</td>
<td class="nump">135,400,000<span></span>
</td>
<td class="nump">140,200,000<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_PercentageOfWaterUsedForOilAndGasExploration', window );">Percentage of water used for oil and gas exploration</a></td>
<td class="nump">68.00%<span></span>
</td>
<td class="nump">94.00%<span></span>
</td>
<td class="nump">79.00%<span></span>
</td>
<td class="nump">90.00%<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_RevenueFromContractWithCustomerExcludingAssessedTax', window );">Total revenues</a></td>
<td class="nump">$ 159,018<span></span>
</td>
<td class="nump">$ 803,771<span></span>
</td>
<td class="nump">$ 1,526,869<span></span>
</td>
<td class="nump">$ 1,726,344<span></span>
</td>
<td class="text">&#160;<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_srt_ProductOrServiceAxis=pcyo_WastewaterTreatmentFeesMember', window );">Wastewater Treatment Fees [Member]</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>
</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_DisaggregationOfRevenueAbstract', window );"><strong>Revenue Recognition [Abstract]</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="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_AssumedContributionOfWastewaterFlowsPerDay', window );">Assumed daily contribution of wastewater flows (in gallons per day) | gal</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">300<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_RevenueFromContractWithCustomerExcludingAssessedTax', window );">Total revenues</a></td>
<td class="nump">7,509<span></span>
</td>
<td class="nump">9,293<span></span>
</td>
<td class="nump">$ 16,402<span></span>
</td>
<td class="nump">20,482<span></span>
</td>
<td class="text">&#160;<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_srt_ProductOrServiceAxis=pcyo_WaterTapFeeMember', window );">Water Tap Fees Recognized [Member]</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>
</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_DisaggregationOfRevenueAbstract', window );"><strong>Revenue Recognition [Abstract]</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="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_RevenueFromContractWithCustomerExcludingAssessedTax', window );">Total revenues</a></td>
<td class="nump">467,076<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">721,902<span></span>
</td>
<td class="nump">49,948<span></span>
</td>
<td class="text">&#160;<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_srt_ProductOrServiceAxis=pcyo_WaterTapFeesRecognizedExcludingWastewaterTapFeeMember', window );">Water Tap Fees [Member]</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>
</tr>
<tr 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_DisaggregationOfRevenueAbstract', window );"><strong>Revenue Recognition [Abstract]</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="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_RevenueFromContractWithCustomerExcludingAssessedTax', window );">Total revenues</a></td>
<td class="nump">392,500<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">619,400<span></span>
</td>
<td class="nump">49,900<span></span>
</td>
<td class="text">&#160;<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_srt_ProductOrServiceAxis=pcyo_WastewaterTapFeeMember', window );">Wastewater Tap Fees [Member]</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>
</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_DisaggregationOfRevenueAbstract', window );"><strong>Revenue Recognition [Abstract]</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="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_RevenueFromContractWithCustomerExcludingAssessedTax', window );">Total revenues</a></td>
<td class="nump">74,500<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">102,500<span></span>
</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="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_ProductOrServiceAxis=pcyo_SpecialFacilityFundingRecognizedMember', window );">Special Facility Funding Recognized [Member]</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>
</tr>
<tr 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_DisaggregationOfRevenueAbstract', window );"><strong>Revenue Recognition [Abstract]</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="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_RevenueFromContractWithCustomerExcludingAssessedTax', window );">Total revenues</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</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="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_ProductOrServiceAxis=pcyo_ConsultingFeesMember', window );">Consulting Fees [Member]</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>
</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_DisaggregationOfRevenueAbstract', window );"><strong>Revenue Recognition [Abstract]</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="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_RevenueFromContractWithCustomerExcludingAssessedTax', window );">Total revenues</a></td>
<td class="nump">50,400<span></span>
</td>
<td class="nump">31,600<span></span>
</td>
<td class="nump">110,200<span></span>
</td>
<td class="nump">58,000<span></span>
</td>
<td class="text">&#160;<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_srt_ProductOrServiceAxis=pcyo_LotSalesMember', window );">Lot Sales [Member]</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>
</tr>
<tr 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_DisaggregationOfRevenueAbstract', window );"><strong>Revenue Recognition [Abstract]</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="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_RevenueFromContractWithCustomerExcludingAssessedTax', window );">Total revenues</a></td>
<td class="nump">1,946,381<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">3,327,577<span></span>
</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="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_ProductOrServiceAxis=pcyo_LotSalesFirstFormatMember', window );">Lot Sales - Agreement with Purchaser [Member]</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>
</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_DisaggregationOfRevenueAbstract', window );"><strong>Revenue Recognition [Abstract]</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="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_RevenueFromContractWithCustomerExcludingAssessedTax', window );">Total revenues</a></td>
<td class="nump">$ 300,000<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">$ 300,000<span></span>
</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_pcyo_LandAbstract', window );"><strong>Land [Abstract]</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="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_NumberOfHomeBuilders', window );">Number of home builders | HomeBuilders</a></td>
<td class="nump">1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1<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 custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_NumberOfPlattedLotsSold', window );">Number of platted lots sold | Lot</a></td>
<td class="nump">4<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4<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="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_ProductOrServiceAxis=pcyo_LotSalesSecondFormatMember', window );">Lot Sales - Agreement with Builders [Member]</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>
</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_DisaggregationOfRevenueAbstract', window );"><strong>Revenue Recognition [Abstract]</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="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_RevenueFromContractWithCustomerExcludingAssessedTax', window );">Total revenues</a></td>
<td class="nump">$ 1,646,400<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">$ 3,027,600<span></span>
</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_ContractWithCustomerLiabilityCurrent', window );">Deferred revenues, current</a></td>
<td class="nump">1,455,200<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 1,455,200<span></span>
</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="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_LandAbstract', window );"><strong>Land [Abstract]</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="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_ProceedsFromCustomersForProgressPayments', window );">Proceeds from sale of lots</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="nump">$ 6,600,000<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_NumberOfHomeBuilders', window );">Number of home builders | HomeBuilders</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="nump">3<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_NumberOfPlattedLotsSold', window );">Number of platted lots sold | Lot</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="nump">150<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_ContractWithCustomerLiabilityRevenueRecognized', window );">Contract revenues recognized</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="nump">$ 5,200,000<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_srt_ProductOrServiceAxis=pcyo_LotSalesSecondFormatMember', window );">Lot Sales - Agreement with Builders [Member] | Maximum [Member]</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>
</tr>
<tr 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_LandAbstract', window );"><strong>Land [Abstract]</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="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_ExpectedDeliveryPeriodForLotsSold', window );">Expected delivery period for lots sold</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">1 year<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="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_ProductOrServiceAxis=pcyo_ProjectManagementServicesMember', window );">Project Management Services [Member]</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>
</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_LandAbstract', window );"><strong>Land [Abstract]</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="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_NumberOfServiceAgreementsProjects', window );">Number of service agreements | Agreement</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2<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_PropertyManagementFeePercentFee', window );">Project management fee percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5.00%<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_ProjectManagementServicesAccruedReimbursableAmount', window );">Project management services - accrued reimbursable amount</a></td>
<td class="nump">$ 580,400<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 580,400<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_AssumedAnnualWaterDemandForSingleFamilyEquivalent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Assumed annual water demand per single family equivalent.</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_AssumedAnnualWaterDemandForSingleFamilyEquivalent</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_pcyo_AssumedContributionOfWastewaterFlowsPerDay">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Assumed contribution of wastewater flows for single family equivalent per day.</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_AssumedContributionOfWastewaterFlowsPerDay</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_pcyo_ConstructionSupportAmountInvoiced">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 construction support amount invoiced to the vendor.</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_ConstructionSupportAmountInvoiced</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_ExpectedDeliveryPeriodForLotsSold">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Expected delivery period for lots sold.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pcyo_ExpectedDeliveryPeriodForLotsSold</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:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_LandAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_LandAbstract</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_NumberOfBusinessLines">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 business lines in operation by the entity.</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_NumberOfBusinessLines</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:integerItemType</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_NumberOfHomeBuilders">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Refers to number of home builders.</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_NumberOfHomeBuilders</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:integerItemType</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_NumberOfPlattedLotsSold">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 platted lots sold 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_NumberOfPlattedLotsSold</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:integerItemType</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_NumberOfRevenueSources">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 revenue sources from where company generates 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;">pcyo_NumberOfRevenueSources</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:integerItemType</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_NumberOfServiceAgreementsProjects">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 service agreements for project management services.</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_NumberOfServiceAgreementsProjects</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:integerItemType</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_PercentageOfWaterUsedForOilAndGasExploration">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of water used for oil and gas exploration.</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_PercentageOfWaterUsedForOilAndGasExploration</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:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_ProjectManagementServicesAccruedReimbursableAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Project management services accrued reimbursable amount included in inventories.</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_ProjectManagementServicesAccruedReimbursableAmount</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_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>Water delivered to customers 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_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_AreaOfLand">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Area of land held.</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_AreaOfLand</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:areaItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ContractWithCustomerLiabilityCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 obligation to transfer good or service to customer for which consideration has been received or is receivable, classified as current.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 606<br> -SubTopic 10<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=82913815&amp;loc=SL49130532-203044<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 606<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=82913815&amp;loc=SL49130531-203044<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 606<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=109196051&amp;loc=SL49130549-203045<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ 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_ContractWithCustomerLiabilityCurrent</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_ContractWithCustomerLiabilityRevenueRecognized">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 that was previously included in balance of obligation to transfer good or service to customer for which consideration from customer has been received or is due.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 606<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=109196051&amp;loc=SL49130549-203045<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ 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_ContractWithCustomerLiabilityRevenueRecognized</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_DisaggregationOfRevenueAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_DisaggregationOfRevenueAbstract</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_ProceedsFromCustomersForProgressPayments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cash received from customers as progress payments on projects that have been partially completed.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 25<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=109223946&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_ProceedsFromCustomersForProgressPayments</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_PropertyManagementFeePercentFee">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage charged for managing real estate properties.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyManagementFeePercentFee</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_RevenueFromContractWithCustomerExcludingAssessedTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 606<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=109196051&amp;loc=SL49130543-203045<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 606<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=109196051&amp;loc=SL49130539-203045<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 606<br> -SubTopic 10<br> -Section 50<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=109196051&amp;loc=SL49130545-203045<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ 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_RevenueFromContractWithCustomerExcludingAssessedTax</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_srt_ProductOrServiceAxis=pcyo_MeteredWaterUsageMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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;">srt_ProductOrServiceAxis=pcyo_MeteredWaterUsageMember</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_srt_ProductOrServiceAxis=pcyo_WastewaterTreatmentFeesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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;">srt_ProductOrServiceAxis=pcyo_WastewaterTreatmentFeesMember</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_srt_ProductOrServiceAxis=pcyo_WaterTapFeeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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;">srt_ProductOrServiceAxis=pcyo_WaterTapFeeMember</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_srt_ProductOrServiceAxis=pcyo_WaterTapFeesRecognizedExcludingWastewaterTapFeeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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;">srt_ProductOrServiceAxis=pcyo_WaterTapFeesRecognizedExcludingWastewaterTapFeeMember</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_srt_ProductOrServiceAxis=pcyo_WastewaterTapFeeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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;">srt_ProductOrServiceAxis=pcyo_WastewaterTapFeeMember</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_srt_ProductOrServiceAxis=pcyo_SpecialFacilityFundingRecognizedMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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;">srt_ProductOrServiceAxis=pcyo_SpecialFacilityFundingRecognizedMember</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_srt_ProductOrServiceAxis=pcyo_ConsultingFeesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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;">srt_ProductOrServiceAxis=pcyo_ConsultingFeesMember</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_srt_ProductOrServiceAxis=pcyo_LotSalesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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;">srt_ProductOrServiceAxis=pcyo_LotSalesMember</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_srt_ProductOrServiceAxis=pcyo_LotSalesFirstFormatMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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;">srt_ProductOrServiceAxis=pcyo_LotSalesFirstFormatMember</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_srt_ProductOrServiceAxis=pcyo_LotSalesSecondFormatMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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;">srt_ProductOrServiceAxis=pcyo_LotSalesSecondFormatMember</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_srt_RangeAxis=srt_MaximumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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;">srt_RangeAxis=srt_MaximumMember</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_srt_ProductOrServiceAxis=pcyo_ProjectManagementServicesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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;">srt_ProductOrServiceAxis=pcyo_ProjectManagementServicesMember</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>37
<FILENAME>R27.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;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6835384704">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>PRESENTATION OF INTERIM INFORMATION, Disaggregation of Revenue (Details)<br></strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
<th class="th" colspan="2">6 Months Ended</th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Feb. 28, 2019 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Feb. 28, 2018 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Feb. 28, 2019 </div>
<div>USD ($) </div>
<div>Lot</div>
</th>
<th class="th">
<div>Feb. 28, 2018 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Aug. 31, 2018 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_ChangesInContractAssetAbstract', window );"><strong>Changes in Contract Asset [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ContractWithCustomerAssetNetCurrent', window );">Balance, beginning of period</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<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_RecognitionOfRevenueContractAsset', window );">Recognition of revenue contract asset</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,020,146<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_ContractAssetInvoiced', window );">Contract asset invoiced</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1,020,146)<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_ContractWithCustomerAssetNetCurrent', window );">Balance, end of period</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<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_pcyo_DeferredRevenueCurrentAndNoncurrentAbstract', window );"><strong>Deferred Revenue Current and Noncurrent [Abstract]</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="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_DeferredRevenueLeasesCurrent', window );">Oil and gas leases, less current portion</a></td>
<td class="num">(55,733)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(55,733)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(55,733)<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_ContractWithCustomerLiabilityNoncurrent', window );">Oil and gas leases, Long term</a></td>
<td class="nump">32,511<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">32,511<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">60,378<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_ChangesInDeferredRevenueAbstract', window );"><strong>Changes in Deferred Revenue [Abstract]</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="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_ContractWithCustomerLiability', window );">Balance, beginning of period</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">477,161<span></span>
</td>
<td class="nump">1,055,488<span></span>
</td>
<td class="nump">1,055,488<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_ContractWithCustomerDeferralOfRevenue', window );">Deferral of revenue</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4,121,768<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,667,200<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_ContractWithCustomerLiabilityRevenueRecognized', window );">Recognition of unearned revenue</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(3,055,444)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(2,190,039)<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_ContractWithCustomerLiability', window );">Balance, end of period</a></td>
<td class="nump">1,543,485<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,543,485<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">477,161<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_RelatedPartyTransactionsByRelatedPartyAxis=pcyo_SkyRanchMember', window );">Sky Ranch [Member]</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>
</tr>
<tr 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_RevenuePerformanceObligationAbstract', window );"><strong>Revenue, Performance Obligation [Abstract]</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="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_RevenueRemainingPerformanceObligation', window );">Remaining performance obligation</a></td>
<td class="nump">$ 29,387,700<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 29,387,700<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_NumberOfRealEstatePropertiesSold', window );">Number of lots sold | Lot</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">506<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_RevenueRemainingPerformanceObligationPercentage', window );">Remaining performance obligation expected to be recognized in the next 12 months</a></td>
<td class="nump">54.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">54.00%<span></span>
</td>
<td class="text">&#160;<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_AdjustmentsForNewAccountingPronouncementsAxis=us-gaap_AccountingStandardsUpdate201409Member', window );">ASU 2014-09 [Member]</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>
</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_ChangesInDeferredRevenueAbstract', window );"><strong>Changes in Deferred Revenue [Abstract]</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="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_ContractWithCustomerLiabilityCumulativeCatchUpAdjustmentToRevenueChangeInMeasureOfProgress', window );">Cumulative effect of adoption of ASU 2014-09</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1,055,488)<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_srt_ConsolidationItemsAxis=us-gaap_CorporateNonSegmentMember', window );">Corporate [Member]</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>
</tr>
<tr 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_ChangesInContractAssetAbstract', window );"><strong>Changes in Contract Asset [Abstract]</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="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_ContractWithCustomerAssetNetCurrent', window );">Balance, beginning of period</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="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_ContractWithCustomerAssetNetCurrent', window );">Balance, end of period</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</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_StatementBusinessSegmentsAxis=pcyo_WholesaleWaterAndWastewaterSservicesMember', window );">Wholesale Water and Wastewater Services [Member]</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>
</tr>
<tr 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_ChangesInContractAssetAbstract', window );"><strong>Changes in Contract Asset [Abstract]</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="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_ContractWithCustomerAssetNetCurrent', window );">Balance, beginning of period</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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="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_ContractWithCustomerAssetNetCurrent', window );">Balance, end of period</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<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_pcyo_ChangesInDeferredRevenueAbstract', window );"><strong>Changes in Deferred Revenue [Abstract]</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="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_ContractWithCustomerLiability', window );">Balance, beginning of period</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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_ContractWithCustomerLiability', window );">Balance, end of period</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</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_StatementBusinessSegmentsAxis=pcyo_LandDevelopmentActivitiesMember', window );">Land Development Activities [Member]</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>
</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_ChangesInContractAssetAbstract', window );"><strong>Changes in Contract Asset [Abstract]</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="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_ContractWithCustomerAssetNetCurrent', window );">Balance, beginning of period</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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_ContractWithCustomerAssetNetCurrent', window );">Balance, end of period</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<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_pcyo_ChangesInDeferredRevenueAbstract', window );"><strong>Changes in Deferred Revenue [Abstract]</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="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_ContractWithCustomerLiability', window );">Balance, beginning of period</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">361,050<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_ContractWithCustomerLiability', window );">Balance, end of period</a></td>
<td class="nump">1,455,241<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,455,241<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">361,050<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_StatementBusinessSegmentsAxis=us-gaap_OilAndGasMember', window );">Oil and Gas Leases [Member]</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>
</tr>
<tr 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_DeferredRevenueCurrentAndNoncurrentAbstract', window );"><strong>Deferred Revenue Current and Noncurrent [Abstract]</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="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_DeferredRevenueLeasesCurrent', window );">Oil and gas leases, less current portion</a></td>
<td class="num">(55,733)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(55,733)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(55,733)<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_ContractWithCustomerLiabilityNoncurrent', window );">Oil and gas leases, Long term</a></td>
<td class="nump">32,511<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">32,511<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">60,378<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_ChangesInDeferredRevenueAbstract', window );"><strong>Changes in Deferred Revenue [Abstract]</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="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_ContractWithCustomerLiability', window );">Balance, beginning of period</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">116,111<span></span>
</td>
<td class="nump">167,200<span></span>
</td>
<td class="nump">167,200<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_ContractWithCustomerLiabilityRevenueRecognized', window );">Recognition of unearned revenue</a></td>
<td class="num">(13,900)<span></span>
</td>
<td class="num">$ (13,900)<span></span>
</td>
<td class="num">(27,900)<span></span>
</td>
<td class="num">$ (23,200)<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_ContractWithCustomerLiability', window );">Balance, end of period</a></td>
<td class="nump">$ 88,244<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 88,244<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 116,111<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_ChangesInContractAssetAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_ChangesInContractAssetAbstract</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_ChangesInDeferredRevenueAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_ChangesInDeferredRevenueAbstract</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_ContractAssetInvoiced">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 contract asset invoiced.</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_ContractAssetInvoiced</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_ContractWithCustomerDeferralOfRevenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 deferral of revenue from contract with customer.</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_ContractWithCustomerDeferralOfRevenue</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_DeferredRevenueCurrentAndNoncurrentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_DeferredRevenueCurrentAndNoncurrentAbstract</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_NumberOfRealEstatePropertiesSold">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>he number of real estate properties sold as of the balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pcyo_NumberOfRealEstatePropertiesSold</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:integerItemType</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_RecognitionOfRevenueContractAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 recognized in revenue contract asset.</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_RecognitionOfRevenueContractAsset</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_ContractWithCustomerAssetNetCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 allowance for credit loss, of right to consideration in exchange for good or service transferred to customer when right is conditioned on something other than passage of time, classified as current.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 606<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=82913815&amp;loc=SL49130531-203044<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 606<br> -SubTopic 10<br> -Section 45<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=82913815&amp;loc=SL49130533-203044<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ 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_ContractWithCustomerAssetNetCurrent</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_ContractWithCustomerLiability">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 obligation to transfer good or service to customer for which consideration has been received or is receivable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 606<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=82913815&amp;loc=SL49130531-203044<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 606<br> -SubTopic 10<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=82913815&amp;loc=SL49130532-203044<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 606<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=109196051&amp;loc=SL49130549-203045<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ 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_ContractWithCustomerLiability</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_ContractWithCustomerLiabilityCumulativeCatchUpAdjustmentToRevenueChangeInMeasureOfProgress">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 revenue recognized for cumulative catch-up adjustment from change in measure of progress which (increases) decreases obligation to transfer good or service to customer for which consideration from customer has been received or is due.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 606<br> -SubTopic 10<br> -Section 50<br> -Paragraph 10<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=109196051&amp;loc=SL49130551-203045<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ 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_ContractWithCustomerLiabilityCumulativeCatchUpAdjustmentToRevenueChangeInMeasureOfProgress</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_ContractWithCustomerLiabilityNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 obligation to transfer good or service to customer for which consideration has been received or is receivable, classified as noncurrent.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 606<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=109196051&amp;loc=SL49130549-203045<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 606<br> -SubTopic 10<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=82913815&amp;loc=SL49130532-203044<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 606<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=82913815&amp;loc=SL49130531-203044<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ 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_ContractWithCustomerLiabilityNoncurrent</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_ContractWithCustomerLiabilityRevenueRecognized">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 that was previously included in balance of obligation to transfer good or service to customer for which consideration from customer has been received or is due.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 606<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=109196051&amp;loc=SL49130549-203045<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ 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_ContractWithCustomerLiabilityRevenueRecognized</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_DeferredRevenueLeasesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This element represents revenue received, but not recognized for financial reporting purposes, which is anticipated to be recognized for financial reporting purposes within one year of the reporting date or one operating cycle, if longer. Such deferred revenue may consist of and include amounts paid in advance by lessees and purchase price adjustments for leases acquired in a business combination or other transaction.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.26)<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_DeferredRevenueLeasesCurrent</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_RevenuePerformanceObligationAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_RevenuePerformanceObligationAbstract</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_RevenueRemainingPerformanceObligation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 transaction price allocated to performance obligation that has not been recognized as 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/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 606<br> -SubTopic 10<br> -Section 50<br> -Paragraph 13<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=109196051&amp;loc=SL49130556-203045<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ 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_RevenueRemainingPerformanceObligation</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_RevenueRemainingPerformanceObligationPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of remaining performance obligation to total remaining performance obligation not recognized as 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/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 606<br> -SubTopic 10<br> -Section 50<br> -Paragraph 13<br> -Subparagraph (b)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=109196051&amp;loc=SL49130556-203045<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ 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_RevenueRemainingPerformanceObligationPercentage</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>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_RelatedPartyTransactionsByRelatedPartyAxis=pcyo_SkyRanchMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_RelatedPartyTransactionsByRelatedPartyAxis=pcyo_SkyRanchMember</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_AdjustmentsForNewAccountingPronouncementsAxis=us-gaap_AccountingStandardsUpdate201409Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_AdjustmentsForNewAccountingPronouncementsAxis=us-gaap_AccountingStandardsUpdate201409Member</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_srt_ConsolidationItemsAxis=us-gaap_CorporateNonSegmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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;">srt_ConsolidationItemsAxis=us-gaap_CorporateNonSegmentMember</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_StatementBusinessSegmentsAxis=pcyo_WholesaleWaterAndWastewaterSservicesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_StatementBusinessSegmentsAxis=pcyo_WholesaleWaterAndWastewaterSservicesMember</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_StatementBusinessSegmentsAxis=pcyo_LandDevelopmentActivitiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_StatementBusinessSegmentsAxis=pcyo_LandDevelopmentActivitiesMember</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_StatementBusinessSegmentsAxis=us-gaap_OilAndGasMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_StatementBusinessSegmentsAxis=us-gaap_OilAndGasMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>38
<FILENAME>R28.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6821055840">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>PRESENTATION OF INTERIM INFORMATION, Oil and Gas Lease Payments (Details)<br></strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
<th class="th" colspan="2">6 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Feb. 28, 2019 </div>
<div>USD ($) </div>
<div>Well</div>
</th>
<th class="th">
<div>Feb. 28, 2018 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Feb. 28, 2019 </div>
<div>USD ($) </div>
<div>Well</div>
</th>
<th class="th">
<div>Feb. 28, 2018 </div>
<div>USD ($)</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_OilAndGasLeasePaymentsAbstract', window );"><strong>Oil and Gas Lease Payments [Abstract]</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>
</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_ProductiveOilWellsNumberOfWellsNet', window );">Number of drilling wells | Well</a></td>
<td class="nump">2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2<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_RoyaltyIncomeNonoperating', window );">Oil and gas royalty income, net | $</a></td>
<td class="nump">$ 44,416<span></span>
</td>
<td class="nump">$ 49,778<span></span>
</td>
<td class="nump">$ 75,841<span></span>
</td>
<td class="nump">$ 91,540<span></span>
</td>
</tr>
</table>
<div style="display: none;">
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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_OilAndGasLeasePaymentsAbstract</td>
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<td>xbrli:stringItemType</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 border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProductiveOilWellsNumberOfWellsNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 number of producing oil wells and oil wells capable of production, in which the entity owns a fractional working interest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher SEC<br> -Name Regulation S-K (SK)<br> -Number 229<br> -Section 1208<br> -Paragraph (a)<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ 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_ProductiveOilWellsNumberOfWellsNet</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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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</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_RoyaltyIncomeNonoperating">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Ancillary revenue earned during the period from the consideration paid to the entity for the use of its rights and property by another party. Examples include licensing the use of copyrighted materials and leasing the extraction 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://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<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=115205541&amp;loc=SL114868664-224227<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ 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_RoyaltyIncomeNonoperating</td>
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<td>duration</td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>39
<FILENAME>R29.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;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6833929296">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>PRESENTATION OF INTERIM INFORMATION, Deferred Revenue (Details)<br></strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
<th class="th" colspan="2">6 Months Ended</th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th">
<div>Feb. 28, 2019 </div>
<div>USD ($) </div>
<div>a</div>
</th>
<th class="th">
<div>Feb. 28, 2018 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Feb. 28, 2019 </div>
<div>USD ($) </div>
<div>a </div>
<div>HomeBuilders</div>
</th>
<th class="th">
<div>Feb. 28, 2018 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Aug. 31, 2018 </div>
<div>USD ($) </div>
<div>HomeBuilders</div>
</th>
<th class="th">
<div>Aug. 31, 2017 </div>
<div>USD ($)</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_LandAbstract', window );"><strong>Land [Abstract]</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="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_ContractWithCustomerLiabilityRevenueRecognized', window );">Contract revenues recognized</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (3,055,444)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (2,190,039)<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_ContractWithCustomerLiability', window );">Deferred revenue</a></td>
<td class="nump">$ 1,543,485<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,543,485<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">477,161<span></span>
</td>
<td class="nump">$ 1,055,488<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_NumberOfHomeBuilders', window );">Number of home builders | HomeBuilders</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3<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="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_StatementBusinessSegmentsAxis=us-gaap_OilAndGasMember', window );">Oil and Gas Leases [Member]</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>
</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_LandAbstract', window );"><strong>Land [Abstract]</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="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_GasAndOilAreaUndevelopedNet', window );">Mineral estate area owned (in acres) | a</a></td>
<td class="nump">40<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">40<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 custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_DeferredRevenueRevenueRecognizedTerm', window );">Term period of lease</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">3 years<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_ContractWithCustomerLiabilityRevenueRecognized', window );">Contract revenues recognized</a></td>
<td class="num">$ (13,900)<span></span>
</td>
<td class="num">$ (13,900)<span></span>
</td>
<td class="num">$ (27,900)<span></span>
</td>
<td class="num">$ (23,200)<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_ContractWithCustomerLiability', window );">Deferred revenue</a></td>
<td class="nump">88,244<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">88,244<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">116,111<span></span>
</td>
<td class="nump">$ 167,200<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_srt_ProductOrServiceAxis=pcyo_LotSalesMember', window );">Lot Sales [Member] | Sky Ranch [Member]</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>
</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_LandAbstract', window );"><strong>Land [Abstract]</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="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_ContractWithCustomerLiabilityRevenueRecognized', window );">Contract revenues recognized</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(3,300,000)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (2,100,000)<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_ContractWithCustomerLiability', window );">Deferred revenue</a></td>
<td class="nump">$ 1,500,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,500,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</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_NumberOfHomeBuilders', window );">Number of home builders | HomeBuilders</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2<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_ProceedsFromCustomersForProgressPayments', window );">Proceeds from sale of lots</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 4,400,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 2,500,000<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_DeferredRevenueRevenueRecognizedTerm">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 for recognize revenue which reported as deferred or unearned revenue.</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_DeferredRevenueRevenueRecognizedTerm</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>
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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_pcyo_LandAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_LandAbstract</td>
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<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:stringItemType</td>
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<td>na</td>
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<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_NumberOfHomeBuilders">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Refers to number of home builders.</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_NumberOfHomeBuilders</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:integerItemType</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_ContractWithCustomerLiability">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 obligation to transfer good or service to customer for which consideration has been received or is receivable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 606<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=82913815&amp;loc=SL49130531-203044<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 606<br> -SubTopic 10<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=82913815&amp;loc=SL49130532-203044<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 606<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=109196051&amp;loc=SL49130549-203045<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ 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_ContractWithCustomerLiability</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_ContractWithCustomerLiabilityRevenueRecognized">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 that was previously included in balance of obligation to transfer good or service to customer for which consideration from customer has been received or is due.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 606<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=109196051&amp;loc=SL49130549-203045<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ 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_ContractWithCustomerLiabilityRevenueRecognized</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_GasAndOilAreaUndevelopedNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fractional interest owned based on working interests or other economic arrangements of lease area on which wells have not been drilled or completed to a point that would permit the production of commercial quantities of oil and gas regardless of whether or not such area contains proved reserves.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher SEC<br> -Name Regulation S-K (SK)<br> -Number 229<br> -Section 1208<br> -Paragraph (b)<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ 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_GasAndOilAreaUndevelopedNet</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:areaItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromCustomersForProgressPayments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cash received from customers as progress payments on projects that have been partially completed.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 25<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=109223946&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_ProceedsFromCustomersForProgressPayments</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_StatementBusinessSegmentsAxis=us-gaap_OilAndGasMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_StatementBusinessSegmentsAxis=us-gaap_OilAndGasMember</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_srt_ProductOrServiceAxis=pcyo_LotSalesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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;">srt_ProductOrServiceAxis=pcyo_LotSalesMember</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_RelatedPartyTransactionsByRelatedPartyAxis=pcyo_SkyRanchMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_RelatedPartyTransactionsByRelatedPartyAxis=pcyo_SkyRanchMember</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>
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</html>
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</DOCUMENT>
<DOCUMENT>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<html>
<head>
<title></title>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6823276864">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>PRESENTATION OF INTERIM INFORMATION, Capitalized Costs of Water and Wastewater Systems and Depletion and Depreciation of Water Assets (Details)<br></strong></div></th>
<th class="th" colspan="1">6 Months Ended</th>
</tr>
<tr><th class="th"><div>Feb. 28, 2019</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_srt_RangeAxis=srt_MaximumMember', window );">Maximum [Member]</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_pcyo_CapitalizedCostsOfWaterAndWastewaterSystemsAndDepletionAndDepreciationOfWaterAssetsAbstract', window );"><strong>Capitalized Costs of Water and Wastewater Systems and Depletion and Depreciation of Water Assets [Abstract]</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_PropertyPlantAndEquipmentUsefulLife', window );">Estimated useful lives</a></td>
<td class="text">30 years<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_CapitalizedCostsOfWaterAndWastewaterSystemsAndDepletionAndDepreciationOfWaterAssetsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_CapitalizedCostsOfWaterAndWastewaterSystemsAndDepletionAndDepreciationOfWaterAssetsAbstract</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_PropertyPlantAndEquipmentUsefulLife">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Useful life of long lived, physical assets used in the normal conduct of business and not intended for resale, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Examples include, but not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer 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_PropertyPlantAndEquipmentUsefulLife</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_srt_RangeAxis=srt_MaximumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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;">srt_RangeAxis=srt_MaximumMember</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>41
<FILENAME>R31.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;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6832592816">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>PRESENTATION OF INTERIM INFORMATION, Share-Based Compensation (Details) - USD ($)<br></strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
<th class="th" colspan="2">6 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Feb. 28, 2019</div></th>
<th class="th"><div>Feb. 28, 2018</div></th>
<th class="th"><div>Feb. 28, 2019</div></th>
<th class="th"><div>Feb. 28, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationAbstract', window );"><strong>Share-Based Compensation [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensation', window );">Share-based compensation expense</a></td>
<td class="nump">$ 58,200<span></span>
</td>
<td class="nump">$ 77,400<span></span>
</td>
<td class="nump">$ 161,717<span></span>
</td>
<td class="nump">$ 157,578<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_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://fasb.org/us-gaap/role/ref/legacyRef<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=109223946&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>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_ShareBasedCompensationAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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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;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6642890304">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>PRESENTATION OF INTERIM INFORMATION, Income Taxes (Details) - USD ($)<br></strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
<th class="th" colspan="2">6 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Feb. 28, 2019</div></th>
<th class="th"><div>Feb. 28, 2018</div></th>
<th class="th"><div>Feb. 28, 2019</div></th>
<th class="th"><div>Feb. 28, 2018</div></th>
<th class="th"><div>Aug. 31, 2018</div></th>
</tr>
<tr class="re">
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
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<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 282,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 282,000<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_UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued', window );">Accrued interest of unrecognized tax benefits</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</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_UnrecognizedTaxBenefitsIncomeTaxPenaltiesAccrued', window );">Accrued penalties of unrecognized tax benefits</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</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="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_UnrecognizedTaxBenefitsInterestOnIncomeTaxesExpense', window );">Interest expense on unrecognized tax benefits</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsTaxCreditCarryforwardsAlternativeMinimumTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 alternative minimum tax credit carryforwards.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<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=84230637&amp;loc=d3e32621-109319<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<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=84230637&amp;loc=d3e32559-109319<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<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=84230637&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_DeferredTaxAssetsTaxCreditCarryforwardsAlternativeMinimumTax</td>
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<tr>
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<tr>
<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
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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">
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<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></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 statutory penalties accrued for a tax position claimed or expected to be claimed by the entity, in its tax return.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 15<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=84230637&amp;loc=d3e32718-109319<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_UnrecognizedTaxBenefitsIncomeTaxPenaltiesAccrued</td>
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<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 accrued for an underpayment of income taxes.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 15<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=84230637&amp;loc=d3e32718-109319<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_UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued</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> Balance Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_UnrecognizedTaxBenefitsInterestOnIncomeTaxesExpense">
<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>Amount of interest expense for an underpayment of income taxes.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 15<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=84230637&amp;loc=d3e32718-109319<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_UnrecognizedTaxBenefitsInterestOnIncomeTaxesExpense</td>
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<td><strong> Balance Type:</strong></td>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6662174528">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>PRESENTATION OF INTERIM INFORMATION, Income (Loss) per Common Share (Details) - shares<br></strong></div></th>
<th class="th" colspan="2">6 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Feb. 28, 2019</div></th>
<th class="th"><div>Feb. 28, 2018</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_us-gaap_EarningsPerShareAbstract', window );"><strong>Income (Loss) per Common Share [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_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements', window );">Incremental common shares attributable to dilutive effect of share-based payment arrangements (in shares)</a></td>
<td class="nump">209,579<span></span>
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<td class="nump">135,840<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_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount', window );">Anti-dilutive securities excluded from calculation of income per common share (in shares)</a></td>
<td class="nump">50,000<span></span>
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<td class="nump">32,500<span></span>
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</tr>
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<div style="display: none;">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- 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://fasb.org/us-gaap/role/ref/legacyRef<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>
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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>
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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>
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<td><strong> Balance Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Additional shares included in the calculation of diluted EPS as a result of the potentially dilutive effect of share based payment arrangements using the treasury stock method.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28A<br> -URI http://asc.fasb.org/extlink&amp;oid=109260490&amp;loc=d3e1500-109256<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<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>
<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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<td style="white-space:nowrap;">us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements</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>
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<html>
<head>
<title></title>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6821107136">
<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>Feb. 28, 2019 </div>
<div>USD ($) </div>
<div>Assets </div>
<div>Liabilities</div>
</th>
<th class="th">
<div>Aug. 31, 2018 </div>
<div>USD ($) </div>
<div>Assets </div>
<div>Liabilities</div>
</th>
</tr>
<tr class="re">
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<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_HeldToMaturitySecurities', window );">Held-to-maturity securities</a></td>
<td class="nump">$ 191,600<span></span>
</td>
<td class="nump">$ 190,400<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_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel1Member', window );">Quoted Prices in Active Markets for Identical Assets (Level 1)</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_pcyo_NumberOfAssetsOrLiabilitiesAvailableInFairValueLevelsAbstract', window );"><strong>Number of assets or liabilities [Abstract]</strong></a></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_NumberOfAssets', window );">Number of assets | Assets</a></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_NumberOfLiabilities', window );">Number of liabilities | Liabilities</a></td>
<td class="nump">0<span></span>
</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>
<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_NumberOfAssetsOrLiabilitiesAvailableInFairValueLevelsAbstract', window );"><strong>Number of assets or liabilities [Abstract]</strong></a></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_NumberOfAssets', window );">Number of assets | Assets</a></td>
<td class="nump">4<span></span>
</td>
<td class="nump">7<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>
<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_NumberOfAssetsOrLiabilitiesAvailableInFairValueLevelsAbstract', window );"><strong>Number of assets or liabilities [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 custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_NumberOfLiabilities', window );">Number of liabilities | Liabilities</a></td>
<td class="nump">1<span></span>
</td>
<td class="nump">1<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_FairValueByMeasurementFrequencyAxis=us-gaap_FairValueMeasurementsRecurringMember', window );">Recurring [Member]</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_FairValueNetAssetLiabilityAbstract', window );"><strong>Information on assets and liabilities measured at fair value [Abstract]</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_DebtSecuritiesAvailableForSaleAccumulatedGrossUnrealizedGainLossBeforeTax', window );">Accumulated unrealized gains and (losses)</a></td>
<td class="nump">$ 12,700<span></span>
</td>
<td class="nump">$ 66,400<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_FairValueByMeasurementFrequencyAxis=us-gaap_FairValueMeasurementsRecurringMember', window );">Recurring [Member] | U.S. Treasury Debt Securities [Member]</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_FairValueNetAssetLiabilityAbstract', window );"><strong>Information on assets and liabilities measured at fair value [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_DebtSecuritiesAvailableForSaleAccumulatedGrossUnrealizedGainLossBeforeTax', window );">Accumulated unrealized gains and (losses)</a></td>
<td class="nump">12,700<span></span>
</td>
<td class="nump">66,400<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_FairValueByMeasurementFrequencyAxis=us-gaap_FairValueMeasurementsRecurringMember', window );">Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1)</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_FairValueNetAssetLiabilityAbstract', window );"><strong>Information on assets and liabilities measured at fair value [Abstract]</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_AvailableForSaleSecuritiesDebtSecurities', window );">Available-for-sale securities</a></td>
<td class="nump">0<span></span>
</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_FairValueByMeasurementFrequencyAxis=us-gaap_FairValueMeasurementsRecurringMember', window );">Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. Treasury Debt Securities [Member]</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_FairValueNetAssetLiabilityAbstract', window );"><strong>Information on assets and liabilities measured at fair value [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_AvailableForSaleSecuritiesDebtSecurities', window );">Available-for-sale securities</a></td>
<td class="nump">0<span></span>
</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_FairValueByMeasurementFrequencyAxis=us-gaap_FairValueMeasurementsRecurringMember', window );">Recurring [Member] | Significant Other Observable Inputs (Level 2)</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_FairValueNetAssetLiabilityAbstract', window );"><strong>Information on assets and liabilities measured at fair value [Abstract]</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_AvailableForSaleSecuritiesDebtSecurities', window );">Available-for-sale securities</a></td>
<td class="nump">6,938,600<span></span>
</td>
<td class="nump">8,718,000<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_FairValueByMeasurementFrequencyAxis=us-gaap_FairValueMeasurementsRecurringMember', window );">Recurring [Member] | Significant Other Observable Inputs (Level 2) | U.S. Treasury Debt Securities [Member]</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_FairValueNetAssetLiabilityAbstract', window );"><strong>Information on assets and liabilities measured at fair value [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_AvailableForSaleSecuritiesDebtSecurities', window );">Available-for-sale securities</a></td>
<td class="nump">6,938,600<span></span>
</td>
<td class="nump">8,718,000<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_FairValueByMeasurementFrequencyAxis=us-gaap_FairValueMeasurementsRecurringMember', window );">Recurring [Member] | Significant Unobservable Inputs (Level 3)</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_FairValueNetAssetLiabilityAbstract', window );"><strong>Information on assets and liabilities measured at fair value [Abstract]</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_AvailableForSaleSecuritiesDebtSecurities', window );">Available-for-sale securities</a></td>
<td class="nump">0<span></span>
</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_FairValueByMeasurementFrequencyAxis=us-gaap_FairValueMeasurementsRecurringMember', window );">Recurring [Member] | Significant Unobservable Inputs (Level 3) | U.S. Treasury Debt Securities [Member]</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_FairValueNetAssetLiabilityAbstract', window );"><strong>Information on assets and liabilities measured at fair value [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_AvailableForSaleSecuritiesDebtSecurities', window );">Available-for-sale securities</a></td>
<td class="nump">0<span></span>
</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_FairValueByMeasurementFrequencyAxis=us-gaap_FairValueMeasurementsRecurringMember', window );">Recurring [Member] | Fair Value [Member]</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_FairValueNetAssetLiabilityAbstract', window );"><strong>Information on assets and liabilities measured at fair value [Abstract]</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_AvailableForSaleSecuritiesDebtSecurities', window );">Available-for-sale securities</a></td>
<td class="nump">6,938,600<span></span>
</td>
<td class="nump">8,718,000<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_FairValueByMeasurementFrequencyAxis=us-gaap_FairValueMeasurementsRecurringMember', window );">Recurring [Member] | Fair Value [Member] | U.S. Treasury Debt Securities [Member]</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_FairValueNetAssetLiabilityAbstract', window );"><strong>Information on assets and liabilities measured at fair value [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_AvailableForSaleSecuritiesDebtSecurities', window );">Available-for-sale securities</a></td>
<td class="nump">6,938,600<span></span>
</td>
<td class="nump">8,718,000<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_FairValueByMeasurementFrequencyAxis=us-gaap_FairValueMeasurementsRecurringMember', window );">Recurring [Member] | Cost / Other Value [Member]</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_FairValueNetAssetLiabilityAbstract', window );"><strong>Information on assets and liabilities measured at fair value [Abstract]</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_AvailableForSaleSecuritiesDebtSecurities', window );">Available-for-sale securities</a></td>
<td class="nump">6,925,900<span></span>
</td>
<td class="nump">8,644,900<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_FairValueByMeasurementFrequencyAxis=us-gaap_FairValueMeasurementsRecurringMember', window );">Recurring [Member] | Cost / Other Value [Member] | U.S. Treasury Debt Securities [Member]</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_FairValueNetAssetLiabilityAbstract', window );"><strong>Information on assets and liabilities measured at fair value [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_AvailableForSaleSecuritiesDebtSecurities', window );">Available-for-sale securities</a></td>
<td class="nump">$ 6,925,900<span></span>
</td>
<td class="nump">$ 8,644,900<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_NumberOfAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 assets available in each level of input.</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_NumberOfAssets</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:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_NumberOfAssetsOrLiabilitiesAvailableInFairValueLevelsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_NumberOfAssetsOrLiabilitiesAvailableInFairValueLevelsAbstract</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_NumberOfLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 liabilities available in each level of input.</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_NumberOfLiabilities</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:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AvailableForSaleSecuritiesDebtSecurities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 security measured at fair value with change in fair value recognized in other comprehensive income (available-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/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 320<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=109979856&amp;loc=d3e26610-111562<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 320<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (aa)<br> -URI http://asc.fasb.org/extlink&amp;oid=82897076&amp;loc=d3e27161-111563<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ 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_AvailableForSaleSecuritiesDebtSecurities</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>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtSecuritiesAvailableForSaleAccumulatedGrossUnrealizedGainLossBeforeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 tax, of unrealized gain (loss) in accumulated other comprehensive income (AOCI) on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).</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_DebtSecuritiesAvailableForSaleAccumulatedGrossUnrealizedGainLossBeforeTax</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>
</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_FairValueNetAssetLiabilityAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_FairValueNetAssetLiabilityAbstract</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_HeldToMaturitySecurities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 security measured at amortized cost (held-to-maturity).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 320<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=109979856&amp;loc=d3e26610-111562<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 320<br> -SubTopic 10<br> -Section 50<br> -Paragraph 5<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=82897076&amp;loc=d3e27232-111563<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ 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_HeldToMaturitySecurities</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>
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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_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>
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<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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<tr>
<td><strong> Balance Type:</strong></td>
<td></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_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>
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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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<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_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>
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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>
<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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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueByMeasurementFrequencyAxis=us-gaap_FairValueMeasurementsRecurringMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_FairValueByMeasurementFrequencyAxis=us-gaap_FairValueMeasurementsRecurringMember</td>
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<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>
<td></td>
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<td><strong> Period Type:</strong></td>
<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FinancialInstrumentAxis=us-gaap_USTreasurySecuritiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_FinancialInstrumentAxis=us-gaap_USTreasurySecuritiesMember</td>
</tr>
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<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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<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_FairValueByMeasurementBasisAxis=us-gaap_EstimateOfFairValueFairValueDisclosureMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_EstimateOfFairValueFairValueDisclosureMember</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><strong> Data Type:</strong></td>
<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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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueByMeasurementBasisAxis=us-gaap_CarryingReportedAmountFairValueDisclosureMember</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><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6833697424">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>WATER AND LAND ASSETS (Details) - USD ($)<br></strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
<th class="th" colspan="2">6 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Feb. 28, 2019</div></th>
<th class="th"><div>Feb. 28, 2018</div></th>
<th class="th"><div>Feb. 28, 2019</div></th>
<th class="th"><div>Feb. 28, 2018</div></th>
<th class="th"><div>Aug. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNetAbstract', window );"><strong>Investment in Water and Water Systems [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentGross', window );">Costs</a></td>
<td class="nump">$ 45,387,900<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 45,387,900<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 39,735,200<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_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment', window );">Accumulated depreciation and depletion</a></td>
<td class="num">(3,394,600)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(3,394,600)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(3,013,300)<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_PropertyPlantAndEquipmentNet', window );">Net investments in water and water systems</a></td>
<td class="nump">41,993,268<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">41,993,268<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">36,721,884<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_DepreciationAndAmortizationAbstract', window );"><strong>Depletion and Depreciation [Abstract]</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="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_Depreciation', window );">Depreciation</a></td>
<td class="nump">251,300<span></span>
</td>
<td class="nump">$ 169,700<span></span>
</td>
<td class="nump">491,000<span></span>
</td>
<td class="nump">$ 344,700<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_PropertyPlantAndEquipmentByTypeAxis=pcyo_RangeviewWaterSupplyMember', window );">Rangeview Water Supply [Member]</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>
</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_PropertyPlantAndEquipmentNetAbstract', window );"><strong>Investment in Water and Water Systems [Abstract]</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="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">14,820,700<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">14,820,700<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">14,813,800<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_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment', window );">Accumulated depreciation and depletion</a></td>
<td class="num">(13,500)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(13,500)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(12,800)<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_DepreciationAndAmortizationAbstract', window );"><strong>Depletion and Depreciation [Abstract]</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="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_Depletion', window );">Depletion</a></td>
<td class="nump">200<span></span>
</td>
<td class="nump">$ 900<span></span>
</td>
<td class="nump">800<span></span>
</td>
<td class="nump">$ 1,000<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_PropertyPlantAndEquipmentByTypeAxis=pcyo_SkyRanchWaterRightsAndOtherCostsMember', window );">Sky Ranch Water Rights and Other Costs [Member]</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>
</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_PropertyPlantAndEquipmentNetAbstract', window );"><strong>Investment in Water and Water Systems [Abstract]</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="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">7,338,100<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">7,338,100<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">7,171,700<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment', window );">Accumulated depreciation and depletion</a></td>
<td class="num">(652,600)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(652,600)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(561,400)<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_PropertyPlantAndEquipmentByTypeAxis=pcyo_FairgroundsWaterAndWaterSystemMember', window );">Fairgrounds Water And Water System [Member]</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>
</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_PropertyPlantAndEquipmentNetAbstract', window );"><strong>Investment in Water and Water Systems [Abstract]</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="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="text">&#160;<span></span>
</td>
<td class="nump">2,899,900<span></span>
</td>
<td class="text">&#160;<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_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment', window );">Accumulated depreciation and depletion</a></td>
<td class="num">(1,106,900)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1,106,900)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1,062,900)<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=pcyo_RangeviewWaterSystemMember', window );">Rangeview Water System [Member]</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>
</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_PropertyPlantAndEquipmentNetAbstract', window );"><strong>Investment in Water and Water Systems [Abstract]</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="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">2,679,100<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,679,100<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,655,600<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_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment', window );">Accumulated depreciation and depletion</a></td>
<td class="num">(288,800)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(288,800)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(261,200)<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_WaterSupplyOtherMember', window );">Water Supply - Other [Member]</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>
</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_PropertyPlantAndEquipmentNetAbstract', window );"><strong>Investment in Water and Water Systems [Abstract]</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="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">4,535,600<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4,535,600<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4,337,200<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_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment', window );">Accumulated depreciation and depletion</a></td>
<td class="num">(748,700)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(748,700)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(625,300)<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_WildPointeServiceRightsMember', window );">Wild Pointe Service Rights [Member]</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>
</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_PropertyPlantAndEquipmentNetAbstract', window );"><strong>Investment in Water and Water Systems [Abstract]</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="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">1,631,700<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,631,700<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,631,700<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment', window );">Accumulated depreciation and depletion</a></td>
<td class="num">(267,700)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(267,700)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(267,700)<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_SkyRanchPipelineMember', window );">Sky Ranch Pipeline [Member]</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>
</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_PropertyPlantAndEquipmentNetAbstract', window );"><strong>Investment in Water and Water Systems [Abstract]</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="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">5,697,400<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5,697,400<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5,615,900<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_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment', window );">Accumulated depreciation and depletion</a></td>
<td class="num">(316,400)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(316,400)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(222,000)<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_PropertyPlantAndEquipmentByTypeAxis=us-gaap_ConstructionInProgressMember', window );">Construction in Progress [Member]</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>
</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_PropertyPlantAndEquipmentNetAbstract', window );"><strong>Investment in Water and Water Systems [Abstract]</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="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">5,785,400<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5,785,400<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,609,400<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_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment', window );">Accumulated depreciation and depletion</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<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_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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, depletion and amortization for physical assets used in the normal conduct of business to produce 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://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<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></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ 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_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment</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_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://fasb.org/us-gaap/role/ref/legacyRef<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=109223946&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>
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<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://fasb.org/us-gaap/role/ref/legacyRef<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://fasb.org/us-gaap/role/ref/legacyRef<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=109223946&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_Depreciation</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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<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_DepreciationAndAmortizationAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_DepreciationAndAmortizationAbstract</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 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://fasb.org/us-gaap/role/ref/legacyRef<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://fasb.org/us-gaap/role/ref/legacyRef<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>
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<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>
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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">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentNet</td>
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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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<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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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<tr>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6832887808">
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<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>LONG-TERM OBLIGATIONS AND OPERATING LEASE, Long-Term Obligations (Details)<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
<th class="th" colspan="1">6 Months Ended</th>
<th class="th" colspan="1">269 Months Ended</th>
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<tr>
<th class="th">
<div>Feb. 28, 2019 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Feb. 28, 2019 </div>
<div>USD ($) </div>
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<th class="th">
<div>Aug. 31, 2018 </div>
<div>USD ($)</div>
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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="nump">35.00%<span></span>
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<td class="nump">35.00%<span></span>
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<td class="nump">35.00%<span></span>
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<td class="nump">65.00%<span></span>
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<td class="text">&#160;<span></span>
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<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_PercentageOfNetProceedsFromSaleOfExportWaterAllocated', window );">Percentage of net proceeds from sale of export water allocated</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">88.00%<span></span>
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<td class="nump">88.00%<span></span>
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<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_ExportWaterProceedsReceivedRollForward', window );"><strong>Export Water Proceeds Received [Roll Forward]</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>
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<tr class="re">
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<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_ExportWaterProceedsReceivedAcquisitions', window );">Acquisitions</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="nump">0<span></span>
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<tr class="re">
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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="nump">0<span></span>
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<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_ExportWaterProceedsReceivedOptionPayments', window );">Option payments - Sky Ranch and The Hills at Sky Ranch</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="nump">110,400<span></span>
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</tr>
<tr class="re">
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<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></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_ExportWaterProceedsReceivedSalePayments', window );">Export water sale payments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">138,900<span></span>
</td>
<td class="nump">737,300<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_ExportWaterProceedsReceivedBalances', window );">Balance at end of period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 1,519,600<span></span>
</td>
<td class="nump">1,519,600<span></span>
</td>
<td class="nump">1,380,700<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_InitialExportWaterProceedsRollForward', window );"><strong>Initial Export Water Proceeds To Pure Cycle [Roll Forward]</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 custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_InitialExportWaterProceedsBalances', window );">Balance at beginning of period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">29,638,100<span></span>
</td>
<td class="nump">218,500<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_InitialExportWaterProceedsAcquisitions', window );">Acquisitions</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="nump">28,042,500<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_InitialExportWaterProceedsRelinquishment', window );">Relinquishment</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="nump">2,386,400<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_InitialExportWaterProceedsOptionPayments', window );">Option payments - Sky Ranch and The Hills at Sky Ranch</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="num">(42,300)<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_InitialExportWaterProceedsTapFee', window );">Arapahoe County tap fees</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></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="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_InitialExportWaterProceedsExportWaterSalePayments', window );">Export water sale payments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(122,400)<span></span>
</td>
<td class="num">(593,900)<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_InitialExportWaterProceedsBalances', window );">Balance at end of period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">29,515,700<span></span>
</td>
<td class="nump">29,515,700<span></span>
</td>
<td class="nump">29,638,100<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_TotalPotentialThirdPartyObligationRollForward', window );"><strong>Total Potential Third-Party Obligation [Roll Forward]</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 custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_PotentialThirdPartyObligationBalances', window );">Balance at beginning of period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,007,400<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_TotalPotentialThirdPartyObligationAcquisitions', window );">Acquisitions</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="num">(28,042,500)<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_PotentialThirdPartyObligationRelinquishment', window );">Relinquishment</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="num">(2,386,400)<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_PotentialThirdPartyObligationOptionPaymentsSkyRanchAndTheHillsAtSkyRanch', window );">Option payments</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="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_PotentialThirdPartyObligationArapahoeCountyTapFees', window );">Arapahoe County tap fees</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></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_TotalPotentialThirdPartyObligationExportWaterSalePayments', window );">Export water sale payments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(16,500)<span></span>
</td>
<td class="num">(143,400)<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_PotentialThirdPartyObligationBalances', window );">Balance at end of period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">990,900<span></span>
</td>
<td class="nump">990,900<span></span>
</td>
<td class="nump">1,007,400<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_pcyo_ParticipatingInterestsLiabilityRollForward', window );"><strong>Participating Interests Liability [Roll Forward]</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 custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_ParticipatingInterestsLiability', window );">Balance at beginning of period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">339,035<span></span>
</td>
<td class="nump">11,090,600<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_ParticipatingInterestsLiabilityAcquisitions', window );">Acquisitions</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="num">(9,790,000)<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_ParticipatingInterestsLiabilityRelinquishment', window );">Relinquishment</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="num">(832,100)<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_ParticipatingInterestsLiabilityOptionPayments', window );">Option payments - Sky Ranch and The Hills at Sky Ranch</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="num">(23,800)<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_ParticipatingInterestsLiabilityTapFees', window );">Arapahoe County tap fees</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></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="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_ParticipatingInterestsLiabilityExportWaterSalePayments', window );">Export water sale payments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(5,800)<span></span>
</td>
<td class="num">(49,800)<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_ParticipatingInterestsLiability', window );">Balance at end of period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">333,275<span></span>
</td>
<td class="nump">333,275<span></span>
</td>
<td class="nump">339,035<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_ContingencyRollForward', window );"><strong>Contingency [Roll Forward]</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_FairValueDisclosureOffbalanceSheetRisksAmountLiability', window );">Balance at beginning of period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">668,300<span></span>
</td>
<td class="nump">20,717,100<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_ContingencyAcquisitions', window );">Acquisitions</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="num">(18,252,500)<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_ContingencyRelinquishment', window );">Relinquishment</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="num">(1,554,300)<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_ContingencyOptionPayments', window );">Option payments - Sky Ranch and The Hills at Sky Ranch</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="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_ContingencyTapFees', window );">Arapahoe County tap fees</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></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_ContingencyExportWaterSalePayments', window );">Export water sale payments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(10,700)<span></span>
</td>
<td class="num">(93,600)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueDisclosureOffbalanceSheetRisksAmountLiability', window );">Balance at end of period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">657,600<span></span>
</td>
<td class="nump">657,600<span></span>
</td>
<td class="nump">$ 668,300<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_pcyo_RoyaltiesAbstract', window );"><strong>Royalties [Abstract]</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_PaymentsForRoyalties', window );">Royalties paid to Land Board</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">34,522<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_ExportWaterAbstract', window );"><strong>Export Water [Abstract]</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 custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_ExpectedFutureExportWaterPayouts', window );">Expected future export water payouts</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6,500,000<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_ExpectedFutureRevenueReceivableFromSaleOfExportWater', window );">Revenue receivables from sale of export water</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">5,700,000<span></span>
</td>
<td class="nump">5,700,000<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_ExpectedProceedsFromSaleOfExportWaterAfterDeductionOfRoyalty', window );">Expected proceeds from sale of export water after deduction of Land Board royalty</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 220,000<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_RelatedPartyTransactionAxis=pcyo_SouthMetroWiseAuthorityMember', window );">SMWA [Member]</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_pcyo_WISEPartnershipAbstract', window );"><strong>WISE Partnership [Abstract]</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 custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_NumberOfOtherGovernmentalAndQuasiGovernmentalWaterProviders', window );">Number of other governmental or quasi-governmental water providers | Member</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">9<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_NumberOfMembersToDeliverWater', window );">Number of members | Member</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10<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_RelatedPartyTransactionsByRelatedPartyAxis=pcyo_RangeviewDistrictMember', window );">Rangeview District [Member] | WISE Partnership [Member]</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_pcyo_WISEPartnershipAbstract', window );"><strong>WISE Partnership [Abstract]</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 custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_ProjectedCostOfParticipationAgreement', window );">Projected cost</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 6,800,000<span></span>
</td>
<td class="nump">$ 6,800,000<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_PeriodOfFinancingOfPartnershipParticipationAgreement', window );">Projected financing period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">5 years<span></span>
</td>
<td class="text">5 years<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">The Arapahoe County tap fees are net of $34,522 in royalties paid to the Land Board.</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_ContingencyAcquisitions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 change in the contingency through acquisitions 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_ContingencyAcquisitions</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_ContingencyExportWaterSalePayments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 change in the contingency through export water sale payments 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_ContingencyExportWaterSalePayments</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_ContingencyOptionPayments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 change in the contingency through option payments 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_ContingencyOptionPayments</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_ContingencyRelinquishment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 change in the contingency through relinquishment 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_ContingencyRelinquishment</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_ContingencyRollForward">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 roll forward is a reconciliation of a concept from the beginning of a period to the end of a 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_ContingencyRollForward</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_ContingencyTapFees">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 change in the contingency through tap fees 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_ContingencyTapFees</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_ExpectedFutureExportWaterPayouts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 expected future export water payouts.</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_ExpectedFutureExportWaterPayouts</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_ExpectedFutureRevenueReceivableFromSaleOfExportWater">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 expected amount of revenue receivable from the sale of 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_ExpectedFutureRevenueReceivableFromSaleOfExportWater</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_ExpectedProceedsFromSaleOfExportWaterAfterDeductionOfRoyalty">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 expected proceeds from sale of export water after deduction of Land Board Royalty.</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_ExpectedProceedsFromSaleOfExportWaterAfterDeductionOfRoyalty</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_ExportWaterAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_ExportWaterAbstract</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_ExportWaterProceedsReceivedAcquisitions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 proceeds received through acquisitions 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_ExportWaterProceedsReceivedAcquisitions</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_ExportWaterProceedsReceivedBalances">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 proceeds received as of the balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pcyo_ExportWaterProceedsReceivedBalances</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_ExportWaterProceedsReceivedOptionPayments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 proceeds received through option payments 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_ExportWaterProceedsReceivedOptionPayments</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_ExportWaterProceedsReceivedRelinquishment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 proceeds received through relinquishment 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_ExportWaterProceedsReceivedRelinquishment</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_ExportWaterProceedsReceivedRollForward">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 roll forward is a reconciliation of a concept from the beginning of a period to the end of a 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_ExportWaterProceedsReceivedRollForward</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_ExportWaterProceedsReceivedSalePayments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 proceeds received through export water sale payments 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_ExportWaterProceedsReceivedSalePayments</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_ExportWaterProceedsReceivedTapFees">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 proceeds received through tap fees 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_ExportWaterProceedsReceivedTapFees</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_InitialExportWaterProceedsAcquisitions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 proceeds from the sale of export water after payment of the Land Board royalty allocated through acquisitions 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_InitialExportWaterProceedsAcquisitions</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_InitialExportWaterProceedsBalances">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Initial export water proceeds as of the balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pcyo_InitialExportWaterProceedsBalances</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_InitialExportWaterProceedsExportWaterSalePayments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 proceeds from the sale of export water after payment of the Land Board royalty allocated through export water sale payments 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_InitialExportWaterProceedsExportWaterSalePayments</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_InitialExportWaterProceedsOptionPayments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 proceeds from the sale of export water after payment of the Land Board royalty allocated through option payments 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_InitialExportWaterProceedsOptionPayments</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_InitialExportWaterProceedsRelinquishment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 proceeds from the sale of export water after payment of the Land Board royalty allocated through relinquishment 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_InitialExportWaterProceedsRelinquishment</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_InitialExportWaterProceedsRollForward">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 roll forward is a reconciliation of a concept from the beginning of a period to the end of a 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_InitialExportWaterProceedsRollForward</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_InitialExportWaterProceedsTapFee">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 proceeds from the sale of export water after payment of the Land Board royalty allocated through tap fees 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_InitialExportWaterProceedsTapFee</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_LongTermObligationsAndOperatingLeaseAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_LongTermObligationsAndOperatingLeaseAbstract</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_NumberOfMembersToDeliverWater">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 members to deliver water of the SMWA, Denver Water and Aurora 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_NumberOfMembersToDeliverWater</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:integerItemType</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_NumberOfOtherGovernmentalAndQuasiGovernmentalWaterProviders">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 other governmental or quassi governmental water providers member in SMWA.</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_NumberOfOtherGovernmentalAndQuasiGovernmentalWaterProviders</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:integerItemType</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_ParticipatingInterestsLiability">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Participating interests liability as of the balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pcyo_ParticipatingInterestsLiability</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_ParticipatingInterestsLiabilityAcquisitions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Participating interests liability through acquisitions 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_ParticipatingInterestsLiabilityAcquisitions</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_ParticipatingInterestsLiabilityExportWaterSalePayments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Participating interests liability through export water sale payments 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_ParticipatingInterestsLiabilityExportWaterSalePayments</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_ParticipatingInterestsLiabilityOptionPayments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Participating interests liability through option payments 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_ParticipatingInterestsLiabilityOptionPayments</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_ParticipatingInterestsLiabilityRelinquishment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Participating interests liability through relinquishment 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_ParticipatingInterestsLiabilityRelinquishment</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_ParticipatingInterestsLiabilityRollForward">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 roll forward is a reconciliation of a concept from the beginning of a period to the end of a 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_ParticipatingInterestsLiabilityRollForward</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_ParticipatingInterestsLiabilityTapFees">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Participating interests liability through tap fees 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_ParticipatingInterestsLiabilityTapFees</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_PercentageOfNetProceedsFromSaleOfExportWaterAllocated">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of net proceeds of export water allocated after payment of land board royalty.</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_PercentageOfNetProceedsFromSaleOfExportWaterAllocated</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:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_PercentageOfOriginalRecordedLiabilityToOriginalTotalLiability">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of original recorded liability as compared to total original liability.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pcyo_PercentageOfOriginalRecordedLiabilityToOriginalTotalLiability</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:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_PercentageOfPaymentRemittedToCAAHoldersAllocatedToContingentObligation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of each payment remitted to CAA holders allocated to the contingent obligation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pcyo_PercentageOfPaymentRemittedToCAAHoldersAllocatedToContingentObligation</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:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_PercentageOfPaymentRemittedToCAAHoldersAllocatedToRecordedLiabilityAccount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of each payment remitted to CAA holders allocated to the recorded liability account.</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_PercentageOfPaymentRemittedToCAAHoldersAllocatedToRecordedLiabilityAccount</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:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_PeriodOfFinancingOfPartnershipParticipationAgreement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 period of financing of the partnership participation agreement.</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_PeriodOfFinancingOfPartnershipParticipationAgreement</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:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_PotentialThirdPartyObligationArapahoeCountyTapFees">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 potential third-party obligation through tap fees 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_PotentialThirdPartyObligationArapahoeCountyTapFees</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_PotentialThirdPartyObligationBalances">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Potential third-party obligation as of the balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pcyo_PotentialThirdPartyObligationBalances</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_PotentialThirdPartyObligationOptionPaymentsSkyRanchAndTheHillsAtSkyRanch">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 potential third-party obligation through option payments 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_PotentialThirdPartyObligationOptionPaymentsSkyRanchAndTheHillsAtSkyRanch</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_PotentialThirdPartyObligationRelinquishment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 potential third-party obligation through relinquishment 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_PotentialThirdPartyObligationRelinquishment</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_ProjectedCostOfParticipationAgreement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 project cost of the partnership participation agreement.</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_ProjectedCostOfParticipationAgreement</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_RoyaltiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_RoyaltiesAbstract</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_TotalPotentialThirdPartyObligationAcquisitions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 potential third-party obligation through acquisitions 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_TotalPotentialThirdPartyObligationAcquisitions</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_TotalPotentialThirdPartyObligationExportWaterSalePayments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 potential third-party obligation through export water sale payments 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_TotalPotentialThirdPartyObligationExportWaterSalePayments</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_TotalPotentialThirdPartyObligationRollForward">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 roll forward is a reconciliation of a concept from the beginning of a period to the end of a 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_TotalPotentialThirdPartyObligationRollForward</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_WISEPartnershipAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_WISEPartnershipAbstract</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_FairValueDisclosureOffbalanceSheetRisksAmountLiability">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 of financial liabilities, which are not recognized in the financial statements (off-balance sheet) because they fail to meet some other criterion for recognition.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 10<br> -URI http://asc.fasb.org/extlink&amp;oid=109250915&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">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueDisclosureOffbalanceSheetRisksAmountLiability</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_PaymentsForRoyalties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 royalties 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://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 25<br> -Subparagraph (g)<br> -URI http://asc.fasb.org/extlink&amp;oid=109223946&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_PaymentsForRoyalties</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_RelatedPartyTransactionAxis=pcyo_SouthMetroWiseAuthorityMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_SouthMetroWiseAuthorityMember</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_RelatedPartyTransactionsByRelatedPartyAxis=pcyo_RangeviewDistrictMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_RelatedPartyTransactionsByRelatedPartyAxis=pcyo_RangeviewDistrictMember</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_RelatedPartyTransactionAxis=pcyo_WisePartnershipMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_WisePartnershipMember</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>47
<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">
							function toggleNextSibling (e) {
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							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6791167632">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>LONG-TERM OBLIGATIONS AND OPERATING LEASE, Operating Lease (Details)<br></strong></div></th>
<th class="th" colspan="1">6 Months Ended</th>
</tr>
<tr><th class="th">
<div>Feb. 28, 2019 </div>
<div>USD ($) </div>
<div>ft&#178;</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_LeasesOperatingAbstract', window );"><strong>Operating Lease [Abstract]</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_AreaOfRealEstateProperty', window );">Area of office and warehouse | ft&#178;</a></td>
<td class="nump">11,393<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_LesseeOperatingLeaseTermOfContract', window );">Operating lease term</a></td>
<td class="text">3 years<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_OperatingLeasesMonthlyBaseRent', window );">Monthly base rent of operating lease | $</a></td>
<td class="nump">$ 6,600<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LesseeOperatingLeaseRenewalTerm', window );">Operating lease extension term</a></td>
<td class="text">2 years<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_PercentageOfIncreaseInPrimaryBasePaymentForOperatingLease', window );">Percentage of increase in primary base payment for operating lease</a></td>
<td class="nump">12.50%<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_OperatingLeasesMonthlyBaseRent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 rental expense payable per month for operating leases.</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_OperatingLeasesMonthlyBaseRent</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_PercentageOfIncreaseInPrimaryBasePaymentForOperatingLease">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of increase in primary base payment of operating lease for extended 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_PercentageOfIncreaseInPrimaryBasePaymentForOperatingLease</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: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_AreaOfRealEstateProperty">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Area of a real estate property.</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_AreaOfRealEstateProperty</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:areaItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LeasesOperatingAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_LeasesOperatingAbstract</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_LesseeOperatingLeaseRenewalTerm">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Term of lessee's operating lease renewal, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents 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/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 842<br> -SubTopic 20<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (a)(3)<br> -URI http://asc.fasb.org/extlink&amp;oid=77888426&amp;loc=SL77918673-209980<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ 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_LesseeOperatingLeaseRenewalTerm</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>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_LesseeOperatingLeaseTermOfContract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Term of lessee's operating lease, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents 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/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 842<br> -SubTopic 20<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (a)(3)<br> -URI http://asc.fasb.org/extlink&amp;oid=77888426&amp;loc=SL77918673-209980<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ 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_LesseeOperatingLeaseTermOfContract</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>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>48
<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">
							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;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6821439840">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>SHAREHOLDERS' EQUITY, Incentive and Equity Plan, and Combined Stock Option Activity (Details) - USD ($)<br></strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1">6 Months Ended</th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Jan. 16, 2019</div></th>
<th class="th"><div>Sep. 26, 2018</div></th>
<th class="th"><div>Feb. 28, 2019</div></th>
<th class="th"><div>Aug. 31, 2018</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_PlanNameAxis=pcyo_Two014EquityIncentivePlanMember', window );">2014 Equity Plan [Member]</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>
<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_StockOptionActivityAbstract', window );"><strong>Stock Option Activity [Abstract]</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>
<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized', window );">Reserved shares of common stock for issuance (in shares)</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="nump">1,600,000<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_PlanNameAxis=pcyo_Two004IncentivePlanAnd2014EquityPlanMember', window );">2004 Incentive Plan and 2014 Equity Plan [Member]</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>
<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward', window );"><strong>Number of Options [Roll Forward]</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>
<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 of period (in shares)</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="nump">535,500<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 (in shares)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">82,500<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_StockIssuedDuringPeriodSharesStockOptionsExercised', window );">Exercised (in shares)</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="num">(37,500)<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod', window );">Forfeited or expired (in shares)</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="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_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber', window );">Outstanding, end of period (in shares)</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="nump">580,500<span></span>
</td>
<td class="nump">535,500<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber', window );">Options exercisable (in shares)</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="nump">428,000<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePriceRollforward', window );"><strong>Weighted Average Exercise Price [Roll Forward]</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>
<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 of period (in dollars per share)</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="nump">$ 5.31<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_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice', window );">Granted (in dollars per share)</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="nump">10.48<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_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice', window );">Exercised (in dollars per share)</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="nump">3.06<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice', window );">Forfeited or expired (in dollars per share)</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="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_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice', window );">Outstanding, end of period (in dollars per share)</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="nump">6.19<span></span>
</td>
<td class="nump">$ 5.31<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 );">Options exercisable (in dollars per share)</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="nump">$ 5.30<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAdditionalDisclosuresAbstract', window );"><strong>Stock Options, Additional Disclosure [Abstract]</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>
<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 );">Weighted average remaining contractual term</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">6 years 6 months<span></span>
</td>
<td class="text">6 years 14 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 );">Weighted average remaining contractual term options exercisable</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">5 years 7 months 24 days<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue', window );">Approximate aggregate intrinsic value</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="nump">$ 2,343,935<span></span>
</td>
<td class="nump">$ 3,180,990<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_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1', window );">Approximate aggregate intrinsic value options exercisable</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="nump">$ 2,069,419<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_PlanNameAxis=pcyo_Two004IncentivePlanAnd2014EquityPlanMember', window );">2004 Incentive Plan and 2014 Equity Plan [Member] | Mr. Harding [Member]</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>
<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward', window );"><strong>Number of Options [Roll Forward]</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>
<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross', window );">Granted (in shares)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">50,000<span></span>
</td>
<td class="text">&#160;<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_PlanNameAxis=pcyo_Two004IncentivePlanAnd2014EquityPlanMember', window );">2004 Incentive Plan and 2014 Equity Plan [Member] | Non-Employee Director [Member]</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>
<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward', window );"><strong>Number of Options [Roll Forward]</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>
<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 (in shares)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">32,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</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">Includes 50,000 shares granted to Mr. Harding on September 26, 2018 and 32,500 total shares granted to non-employee directors on January 16, 2019.</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_StockOptionActivityAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_StockOptionActivityAbstract</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_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 shares (or other type of equity) originally approved (usually by shareholders and board of directors), net of any subsequent amendments and adjustments, for awards under the equity-based compensation plan. As stock or unit options and equity instruments other than options are awarded to participants, the shares or units remain authorized and become reserved for issuance under outstanding awards (not necessarily vested).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)(3)<br> -URI http://asc.fasb.org/extlink&amp;oid=109197908&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_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized</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_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAdditionalDisclosuresAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAdditionalDisclosuresAbstract</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_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://fasb.org/us-gaap/role/ref/legacyRef<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=109197908&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://fasb.org/us-gaap/role/ref/legacyRef<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=109197908&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://fasb.org/us-gaap/role/ref/legacyRef<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=109197908&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://fasb.org/us-gaap/role/ref/legacyRef<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=109197908&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://fasb.org/us-gaap/role/ref/legacyRef<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=109197908&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://fasb.org/us-gaap/role/ref/legacyRef<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=109197908&amp;loc=d3e5070-113901<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<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=109197908&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_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 roll forward is a reconciliation of a concept from the beginning of a period to the end of a 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_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward</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_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://fasb.org/us-gaap/role/ref/legacyRef<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=109197908&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_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePriceRollforward">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePriceRollforward</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_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://fasb.org/us-gaap/role/ref/legacyRef<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=109197908&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://fasb.org/us-gaap/role/ref/legacyRef<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=109197908&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://fasb.org/us-gaap/role/ref/legacyRef<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=109197908&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://fasb.org/us-gaap/role/ref/legacyRef<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=109197908&amp;loc=d3e5070-113901<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<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://fasb.org/us-gaap/role/ref/legacyRef<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://fasb.org/us-gaap/role/ref/legacyRef<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 5: http://fasb.org/us-gaap/role/ref/legacyRef<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=109259400&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_StockIssuedDuringPeriodSharesStockOptionsExercised</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
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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>
</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_PlanNameAxis=pcyo_Two014EquityIncentivePlanMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_PlanNameAxis=pcyo_Two014EquityIncentivePlanMember</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_PlanNameAxis=pcyo_Two004IncentivePlanAnd2014EquityPlanMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_PlanNameAxis=pcyo_Two004IncentivePlanAnd2014EquityPlanMember</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><strong> Data Type:</strong></td>
<td>na</td>
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<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_TitleOfIndividualAxis=pcyo_PresidentAndChiefFinancialOfficerMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_TitleOfIndividualAxis=pcyo_PresidentAndChiefFinancialOfficerMember</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>
</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_TitleOfIndividualAxis=pcyo_BoardOfDirectorsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_TitleOfIndividualAxis=pcyo_BoardOfDirectorsMember</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>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6821952656">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>SHAREHOLDERS' EQUITY, Combined Activity and Value of Non-vested Options (Details) - USD ($)<br></strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
<th class="th" colspan="2">6 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Feb. 28, 2019</div></th>
<th class="th"><div>Feb. 28, 2018</div></th>
<th class="th"><div>Feb. 28, 2019</div></th>
<th class="th"><div>Feb. 28, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAdditionalDisclosuresAbstract', window );"><strong>Stock Options, Additional Disclosure [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensation', window );">Share-based compensation expense</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 58,200<span></span>
</td>
<td class="nump">$ 77,400<span></span>
</td>
<td class="nump">$ 161,717<span></span>
</td>
<td class="nump">$ 157,578<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_PlanNameAxis=pcyo_Two004IncentivePlanAnd2014EquityPlanMember', window );">2004 Incentive Plan and 2014 Equity Plan [Member]</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>
<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_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfSharesRollForward', window );"><strong>Number of Options [Roll Forward]</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>
<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_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares', window );">Non-vested options outstanding, beginning of period (in shares)</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="nump">155,833<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross', window );">Granted (in shares)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">82,500<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_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares', window );">Vested (in shares)</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="num">(85,834)<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_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedNumberOfShares', window );">Forfeited (in shares)</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="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_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares', window );">Non-vested options outstanding, end of period (in shares)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">152,499<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">152,499<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_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValueAbstract', window );"><strong>Weighted Average Grant Date Fair Value [Abstract]</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>
<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_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue', window );">Non-vested options outstanding, beginning of period (in dollars per share)</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="nump">$ 3.76<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue', window );">Granted (in dollars per share)</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="nump">4.60<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_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue', window );">Vested (in dollars per share)</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="nump">3.46<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_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedWeightedAverageGrantDateFairValue', window );">Forfeited (in dollars per share)</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="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_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue', window );">Non-vested options outstanding, end of period (in dollars per share)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 4.03<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 4.03<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_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAdditionalDisclosuresAbstract', window );"><strong>Stock Options, Additional Disclosure [Abstract]</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>
<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 );">Share-based compensation expense</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 58,200<span></span>
</td>
<td class="nump">$ 77,400<span></span>
</td>
<td class="nump">$ 161,700<span></span>
</td>
<td class="nump">$ 157,600<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_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized', window );">Unrecognized compensation expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 458,512<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 458,512<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_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1', window );">Weighted-average period for options expected to vest</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">2 years<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">Includes 50,000 shares granted to Mr. Harding on September 26, 2018 and 32,500 total shares granted to non-employee directors on January 16, 2019.</td>
</tr></table></td></tr>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Unrecognized cost of unvested share-based compensation awards.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (i)<br> -URI http://asc.fasb.org/extlink&amp;oid=109197908&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_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized</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> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></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://fasb.org/us-gaap/role/ref/legacyRef<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=109223946&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>
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<tr>
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<td>us-gaap_</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 );">- 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_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAdditionalDisclosuresAbstract</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>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>
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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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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></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://fasb.org/us-gaap/role/ref/legacyRef<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=109197908&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>
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<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><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_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>
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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:sharesItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfSharesRollForward">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 roll forward is a reconciliation of a concept from the beginning of a period to the end of a 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_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfSharesRollForward</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</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_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>
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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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<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>
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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>num:perShareItemType</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>
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<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>
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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>num:perShareItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValueAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValueAbstract</td>
</tr>
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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>
<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 fully vested and expected to vest options outstanding, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents reported fact of one year, five months, and thirteen days. Includes, but is not limited to, unvested options for which requisite service period has not been rendered but that are expected to vest based on achievement of performance condition, if forfeitures are recognized when they occur.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<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=109197908&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_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1</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>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_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>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></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">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6820741952">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>RELATED PARTY TRANSACTIONS (Details)<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
<th class="th" colspan="2">6 Months Ended</th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Feb. 28, 2019 </div>
<div>USD ($) </div>
<div>Employee </div>
<div>BoardMember</div>
</th>
<th class="th">
<div>Feb. 28, 2019 </div>
<div>USD ($) </div>
<div>Employee </div>
<div>BoardMember</div>
</th>
<th class="th">
<div>Feb. 28, 2018 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Aug. 31, 2018 </div>
<div>USD ($)</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_RelatedPartyTransactionsDisclosureAbstract', window );"><strong>Related Party Transactions [Abstract]</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>
</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_ProceedsFromRelatedPartyDebt', window );">Proceeds from note receivable - related parties</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 215,504<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_RelatedPartyTransactionsByRelatedPartyAxis=pcyo_RangeviewDistrictMember', window );">Rangeview District [Member] | Water and Wastewater Services [Member]</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>
</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_RelatedPartyTransactionsDisclosureAbstract', window );"><strong>Related Party Transactions [Abstract]</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>
</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_NumberOfEmployeeBoardOfDirectors', window );">Number of employee board of directors | Employee</a></td>
<td class="nump">3<span></span>
</td>
<td class="nump">3<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_NumberOfIndependentBoardOfDirectors', window );">Number of independent board of directors | BoardMember</a></td>
<td class="nump">1<span></span>
</td>
<td class="nump">1<span></span>
</td>
<td class="text">&#160;<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_RelatedPartyTransactionsByRelatedPartyAxis=pcyo_RangeviewDistrictMember', window );">Rangeview District [Member] | Water and Wastewater Services [Member] | Loans Receivable [Member]</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>
</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_RelatedPartyTransactionsDisclosureAbstract', window );"><strong>Related Party Transactions [Abstract]</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>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentInterestRateStatedPercentage', window );">Interest rate</a></td>
<td class="nump">6.75%<span></span>
</td>
<td class="nump">6.75%<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_DebtInstrumentMaturityDate', window );">Debt instrument maturity date</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Dec. 31,  2020<span></span>
</td>
<td class="text">&#160;<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_RelatedPartyTransactionsByRelatedPartyAxis=pcyo_RangeviewDistrictMember', window );">Rangeview District [Member] | Water and Wastewater Services [Member] | Loans Receivable [Member] | Maximum [Member]</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>
</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_RelatedPartyTransactionsDisclosureAbstract', window );"><strong>Related Party Transactions [Abstract]</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>
</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_LoanExtendedMaximumCapacity', window );">Loan extended, maximum capacity</a></td>
<td class="nump">$ 250,000<span></span>
</td>
<td class="nump">$ 250,000<span></span>
</td>
<td class="text">&#160;<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_RelatedPartyTransactionsByRelatedPartyAxis=pcyo_RangeviewDistrictMember', window );">Rangeview District [Member] | Water and Wastewater Services [Member] | Loans Receivable [Member] | Prime Rate [Member]</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>
</tr>
<tr 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_RelatedPartyTransactionsDisclosureAbstract', window );"><strong>Related Party Transactions [Abstract]</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>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1', window );">Basis spread on variable rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2.00%<span></span>
</td>
<td class="text">&#160;<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_RelatedPartyTransactionsByRelatedPartyAxis=pcyo_RangeviewDistrictMember', window );">Rangeview District [Member] | Water and Wastewater Services [Member] | Notes Receivable [Member]</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>
</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_RelatedPartyTransactionsDisclosureAbstract', window );"><strong>Related Party Transactions [Abstract]</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>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentInterestRateStatedPercentage', window );">Interest rate</a></td>
<td class="nump">8.00%<span></span>
</td>
<td class="nump">8.00%<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_NotesReceivableRelatedParties', window );">Notes receivable</a></td>
<td class="nump">$ 917,800<span></span>
</td>
<td class="nump">$ 917,800<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_NotesReceivableRelatedPartiesPrincipal', window );">Notes receivable, principal</a></td>
<td class="nump">512,400<span></span>
</td>
<td class="nump">512,400<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_NotesReceivableRelatedPartiesAccruedInterest', window );">Notes receivable, accrued interest</a></td>
<td class="nump">405,400<span></span>
</td>
<td class="nump">405,400<span></span>
</td>
<td class="text">&#160;<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_RelatedPartyTransactionsByRelatedPartyAxis=pcyo_RangeviewDistrictMember', window );">Rangeview District [Member] | WISE Partnership [Member]</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>
</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_RelatedPartyTransactionsDisclosureAbstract', window );"><strong>Related Party Transactions [Abstract]</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>
</tr>
<tr 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_RelatedPartyTransactionAmountsOfTransaction', window );">Funding pursuant to participation agreement</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">22,200<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 198,200<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_ProjectedCostOfParticipationAgreement', window );">Projected cost</a></td>
<td class="nump">$ 6,800,000<span></span>
</td>
<td class="nump">$ 6,800,000<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_PeriodOfFinancingOfPartnershipParticipationAgreement', window );">Projected financing period</a></td>
<td class="text">5 years<span></span>
</td>
<td class="text">5 years<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_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures', window );">Investments in the WISE assets</a></td>
<td class="nump">$ 3,200,000<span></span>
</td>
<td class="nump">$ 3,200,000<span></span>
</td>
<td class="text">&#160;<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_RelatedPartyTransactionsByRelatedPartyAxis=pcyo_SkyRanchMember', window );">Sky Ranch District [Member] | Water and Wastewater Services [Member] | Notes Receivable [Member]</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>
</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_RelatedPartyTransactionsDisclosureAbstract', window );"><strong>Related Party Transactions [Abstract]</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>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentInterestRateStatedPercentage', window );">Interest rate</a></td>
<td class="nump">8.00%<span></span>
</td>
<td class="nump">8.00%<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_ProceedsFromRelatedPartyDebt', window );">Proceeds from note receivable - related parties</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">215,504<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_DueToRelatedPartiesCurrentAndNoncurrent', window );">Loan outstanding</a></td>
<td class="nump">$ 0<span></span>
</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="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_RelatedPartyTransactionsByRelatedPartyAxis=pcyo_SkyRanchMember', window );">Sky Ranch District [Member] | Sky Ranch Community Authority Board [Member]</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>
</tr>
<tr 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_RelatedPartyTransactionsDisclosureAbstract', window );"><strong>Related Party Transactions [Abstract]</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>
</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_DebtInstrumentInterestRateStatedPercentage', window );">Interest rate</a></td>
<td class="nump">6.00%<span></span>
</td>
<td class="nump">6.00%<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_RelatedPartyEstimatedCost', window );">Estimated cost</a></td>
<td class="nump">$ 30,000,000<span></span>
</td>
<td class="nump">$ 30,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_NotesReceivableRelatedPartiesAdvancesPlusAccruedInterestIncludedInInventories', window );">Advances plus accrued interest included in inventories</a></td>
<td class="nump">$ 11,500,000<span></span>
</td>
<td class="nump">$ 11,500,000<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_LoanExtendedMaximumCapacity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Maximum capacity that may be utilized as part of the loan extended as of the balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">pcyo_LoanExtendedMaximumCapacity</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_NotesReceivableRelatedPartiesAccruedInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 unclassified balance sheet, accrued interest amounts due from parties associated with the reporting entity as evidenced by a written promise to pay.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>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_NotesReceivableRelatedPartiesAccruedInterest</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_NotesReceivableRelatedPartiesAdvancesPlusAccruedInterestIncludedInInventories">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Notes Receivable, Related Parties, Advances plus accrued interest included in inventories.</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_NotesReceivableRelatedPartiesAdvancesPlusAccruedInterestIncludedInInventories</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_NotesReceivableRelatedPartiesPrincipal">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 unclassified balance sheet, principal amounts due from parties associated with the reporting entity as evidenced by a written promise to pay.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>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_NotesReceivableRelatedPartiesPrincipal</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_NumberOfEmployeeBoardOfDirectors">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 employees who are members of the board of directors.</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_NumberOfEmployeeBoardOfDirectors</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:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_NumberOfIndependentBoardOfDirectors">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 independent board who are members of the board of directors.</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_NumberOfIndependentBoardOfDirectors</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:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_PeriodOfFinancingOfPartnershipParticipationAgreement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 period of financing of the partnership participation agreement.</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_PeriodOfFinancingOfPartnershipParticipationAgreement</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:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_ProjectedCostOfParticipationAgreement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 project cost of the partnership participation agreement.</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_ProjectedCostOfParticipationAgreement</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_RelatedPartyEstimatedCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 estimated cost for improvements for Sky Ranch with respect to earthwork, erosion control, streets, drainage and landscaping.</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_RelatedPartyEstimatedCost</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_RelatedPartyTransactionsDisclosureAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_RelatedPartyTransactionsDisclosureAbstract</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_DebtInstrumentBasisSpreadOnVariableRate1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage points added to the reference rate to compute the variable rate on the debt instrument.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentBasisSpreadOnVariableRate1</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_DebtInstrumentInterestRateStatedPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Contractual interest rate for funds borrowed, under the debt agreement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.22(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_DebtInstrumentInterestRateStatedPercentage</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>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_DebtInstrumentMaturityDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Date when the debt instrument is scheduled to be fully repaid, in CCYY-MM-DD format.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.22(a)(2))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (bbb)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=99377789&amp;loc=d3e19207-110258<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ 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_DebtInstrumentMaturityDate</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:dateItemType</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_DueToRelatedPartiesCurrentAndNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 obligations due all related parties.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<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 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03.17)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<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://fasb.org/us-gaap/role/ref/legacyRef<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(3),(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_DueToRelatedPartiesCurrentAndNoncurrent</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_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 equity method investee and investment in and advance to affiliate.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<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_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures</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_NotesReceivableRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 unclassified balance sheet, amounts due from parties associated with the reporting entity as evidenced by a written promise to pay.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<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 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03.3)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<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></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ 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_NotesReceivableRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
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<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_ProceedsFromRelatedPartyDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from a long-term borrowing made 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. Alternate caption: Proceeds from Advances from Affiliates.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=109223946&amp;loc=d3e3255-108585<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_ProceedsFromRelatedPartyDebt</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></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 transactions with related party during the financial reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39622-107864<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39603-107864<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ 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_RelatedPartyTransactionAmountsOfTransaction</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>debit</td>
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<tr>
<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_RelatedPartyTransactionsByRelatedPartyAxis=pcyo_RangeviewDistrictMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_RelatedPartyTransactionsByRelatedPartyAxis=pcyo_RangeviewDistrictMember</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>
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</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionAxis=pcyo_WaterAndWastewaterServicesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_WaterAndWastewaterServicesMember</td>
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<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>
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<tr>
<td><strong> Balance Type:</strong></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_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=us-gaap_LoansReceivableMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=us-gaap_LoansReceivableMember</td>
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<td><strong> Data Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_RangeAxis=srt_MaximumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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;">srt_RangeAxis=srt_MaximumMember</td>
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<td><strong> Data Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_VariableRateAxis=us-gaap_PrimeRateMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_VariableRateAxis=us-gaap_PrimeRateMember</td>
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<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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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=us-gaap_NotesReceivableMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=us-gaap_NotesReceivableMember</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_WisePartnershipMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_WisePartnershipMember</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=pcyo_SkyRanchMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_RelatedPartyTransactionsByRelatedPartyAxis=pcyo_SkyRanchMember</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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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionAxis=pcyo_CommunityAuthorityBoardMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionAxis=pcyo_CommunityAuthorityBoardMember</td>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6833635344">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SIGNIFICANT CUSTOMERS (Details) - Customer<br></strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
<th class="th" colspan="2">6 Months Ended</th>
<th class="th" colspan="1">12 Months Ended</th>
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<th class="th"><div>Feb. 28, 2019</div></th>
<th class="th"><div>Feb. 28, 2018</div></th>
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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_us-gaap_ConcentrationRiskByBenchmarkAxis=us-gaap_SalesRevenueNetMember', window );">Revenue [Member] | Land Development [Member]</a></td>
<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_pcyo_ConcentrationRiskPercentageAbstract', window );"><strong>Concentration Risk Percentage [Abstract]</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="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="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_SalesRevenueNetMember', window );">Revenue [Member] | Oil and Gas Leases [Member]</a></td>
<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_pcyo_ConcentrationRiskPercentageAbstract', window );"><strong>Concentration Risk Percentage [Abstract]</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="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<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_NumberOfCustomers', window );">Number of customers</a></td>
<td class="nump">2<span></span>
</td>
<td class="nump">2<span></span>
</td>
<td class="nump">2<span></span>
</td>
<td class="nump">2<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_SalesRevenueNetMember', window );">Revenue [Member] | Ridgeview Youth Services Center [Member] | Water and Wastewater Services [Member]</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>
</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_ConcentrationRiskPercentageAbstract', window );"><strong>Concentration Risk Percentage [Abstract]</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="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_ConcentrationRiskPercentage1', window );">Concentration risk percentage</a></td>
<td class="nump">16.00%<span></span>
</td>
<td class="nump">4.00%<span></span>
</td>
<td class="nump">5.00%<span></span>
</td>
<td class="nump">4.00%<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_NumberOfCustomers', window );">Number of customers</a></td>
<td class="nump">1<span></span>
</td>
<td class="nump">1<span></span>
</td>
<td class="nump">1<span></span>
</td>
<td class="nump">1<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_SalesRevenueNetMember', window );">Revenue [Member] | Customer One [Member] | Water and Wastewater Services [Member]</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>
</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_ConcentrationRiskPercentageAbstract', window );"><strong>Concentration Risk Percentage [Abstract]</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="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_ConcentrationRiskPercentage1', window );">Concentration risk percentage</a></td>
<td class="nump">52.00%<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="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_SalesRevenueNetMember', window );">Revenue [Member] | Customer One [Member] | Land Development [Member]</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>
</tr>
<tr 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_ConcentrationRiskPercentageAbstract', window );"><strong>Concentration Risk Percentage [Abstract]</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="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">58.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">61.00%<span></span>
</td>
<td class="text">&#160;<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_SalesRevenueNetMember', window );">Revenue [Member] | Customer Two [Member] | Water and Wastewater Services [Member]</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>
</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_ConcentrationRiskPercentageAbstract', window );"><strong>Concentration Risk Percentage [Abstract]</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="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_ConcentrationRiskPercentage1', window );">Concentration risk percentage</a></td>
<td class="nump">21.00%<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="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_SalesRevenueNetMember', window );">Revenue [Member] | Customer Two [Member] | Land Development [Member]</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>
</tr>
<tr 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_ConcentrationRiskPercentageAbstract', window );"><strong>Concentration Risk Percentage [Abstract]</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="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">27.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">30.00%<span></span>
</td>
<td class="text">&#160;<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_SalesRevenueNetMember', window );">Revenue [Member] | Customer Three [Member] | Water and Wastewater Services [Member]</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>
</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_ConcentrationRiskPercentageAbstract', window );"><strong>Concentration Risk Percentage [Abstract]</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="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_ConcentrationRiskPercentage1', window );">Concentration risk percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">58.00%<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="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_SalesRevenueNetMember', window );">Revenue [Member] | Customer Three [Member] | Land Development [Member]</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>
</tr>
<tr 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_ConcentrationRiskPercentageAbstract', window );"><strong>Concentration Risk Percentage [Abstract]</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="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">15.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">9.00%<span></span>
</td>
<td class="text">&#160;<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_SalesRevenueNetMember', window );">Revenue [Member] | Customer Four [Member] | Water and Wastewater Services [Member]</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>
</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_ConcentrationRiskPercentageAbstract', window );"><strong>Concentration Risk Percentage [Abstract]</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="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_ConcentrationRiskPercentage1', window );">Concentration risk percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">36.00%<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="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_SalesRevenueNetMember', window );">Revenue [Member] | Customer Five [Member] | Water and Wastewater Services [Member]</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>
</tr>
<tr 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_ConcentrationRiskPercentageAbstract', window );"><strong>Concentration Risk Percentage [Abstract]</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="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">43.00%<span></span>
</td>
<td class="text">&#160;<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_SalesRevenueNetMember', window );">Revenue [Member] | Customer Six [Member] | Water and Wastewater Services [Member]</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>
</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_ConcentrationRiskPercentageAbstract', window );"><strong>Concentration Risk Percentage [Abstract]</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="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_ConcentrationRiskPercentage1', window );">Concentration risk percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">48.00%<span></span>
</td>
<td class="text">&#160;<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_SalesRevenueNetMember', window );">Revenue [Member] | Customer Seven [Member] | Water and Wastewater Services [Member]</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>
</tr>
<tr 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_ConcentrationRiskPercentageAbstract', window );"><strong>Concentration Risk Percentage [Abstract]</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="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">57.00%<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_SalesRevenueNetMember', window );">Revenue [Member] | Customer Eight [Member] | Water and Wastewater Services [Member]</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>
</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_ConcentrationRiskPercentageAbstract', window );"><strong>Concentration Risk Percentage [Abstract]</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="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_ConcentrationRiskPercentage1', window );">Concentration risk percentage</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">20.00%<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_SalesRevenueNetMember', window );">Revenue [Member] | Customer Nine [Member] | Water and Wastewater Services [Member]</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>
</tr>
<tr 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_ConcentrationRiskPercentageAbstract', window );"><strong>Concentration Risk Percentage [Abstract]</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="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">17.00%<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 [Member]</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>
</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_ConcentrationRiskPercentageAbstract', window );"><strong>Concentration Risk Percentage [Abstract]</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="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_NumberOfCustomers', window );">Number of customers</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2<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 [Member] | Rangeview District [Member]</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>
</tr>
<tr 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_ConcentrationRiskPercentageAbstract', window );"><strong>Concentration Risk Percentage [Abstract]</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="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">58.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3.00%<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 [Member] | Rangeview District [Member] | Water and Wastewater Services [Member]</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>
</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_ConcentrationRiskPercentageAbstract', window );"><strong>Concentration Risk Percentage [Abstract]</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="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_ConcentrationRiskPercentage1', window );">Concentration risk percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">18.00%<span></span>
</td>
<td class="text">&#160;<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 [Member] | Rangeview District [Member] | Water Tap Fees Recognized [Member]</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>
</tr>
<tr 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_ConcentrationRiskPercentageAbstract', window );"><strong>Concentration Risk Percentage [Abstract]</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="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">82.00%<span></span>
</td>
<td class="text">&#160;<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 [Member] | Ridgeview Youth Services Center [Member] | Water and Wastewater Services [Member]</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>
</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_ConcentrationRiskPercentageAbstract', window );"><strong>Concentration Risk Percentage [Abstract]</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="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_ConcentrationRiskPercentage1', window );">Concentration risk percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">11.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2.00%<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 [Member] | Customer One [Member]</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>
</tr>
<tr 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_ConcentrationRiskPercentageAbstract', window );"><strong>Concentration Risk Percentage [Abstract]</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="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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">16.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">43.00%<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 [Member] | Customer Two [Member]</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>
</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_ConcentrationRiskPercentageAbstract', window );"><strong>Concentration Risk Percentage [Abstract]</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="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_ConcentrationRiskPercentage1', window );">Concentration risk percentage</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="nump">30.00%<span></span>
</td>
</tr>
</table>
<div style="display: none;">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- 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_ConcentrationRiskPercentageAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
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<td>xbrli:stringItemType</td>
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<tr>
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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 );">- Definition</a><div><p>Represents the number of customers.</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_NumberOfCustomers</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>
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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>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://fasb.org/us-gaap/role/ref/legacyRef<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=99393423&amp;loc=d3e6351-108592<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<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=109250915&amp;loc=d3e13531-108611<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<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=109250915&amp;loc=d3e13537-108611<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<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=99393423&amp;loc=d3e6404-108592<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ 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>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</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_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>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_MajorCustomersAxis=pcyo_RangeviewDistrictMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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;">srt_MajorCustomersAxis=pcyo_RangeviewDistrictMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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</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_StatementBusinessSegmentsAxis=pcyo_WholesaleWaterAndWastewaterSservicesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_StatementBusinessSegmentsAxis=pcyo_WholesaleWaterAndWastewaterSservicesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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</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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</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_ConcentrationRiskByBenchmarkAxis=us-gaap_SalesRevenueNetMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_SalesRevenueNetMember</td>
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<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>
</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_StatementBusinessSegmentsAxis=pcyo_LandDevelopmentActivitiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_StatementBusinessSegmentsAxis=pcyo_LandDevelopmentActivitiesMember</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>
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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_StatementBusinessSegmentsAxis=us-gaap_OilAndGasMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_StatementBusinessSegmentsAxis=us-gaap_OilAndGasMember</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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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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;">srt_MajorCustomersAxis=pcyo_RidgeviewYouthServicesCenterMember</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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</table></div>
</div></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;">srt_MajorCustomersAxis=pcyo_CustomerOneMember</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_srt_MajorCustomersAxis=pcyo_CustomerTwoMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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;">srt_MajorCustomersAxis=pcyo_CustomerTwoMember</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_srt_MajorCustomersAxis=pcyo_CustomerThreeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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;">srt_MajorCustomersAxis=pcyo_CustomerThreeMember</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_srt_MajorCustomersAxis=pcyo_CustomerFourMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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;">srt_MajorCustomersAxis=pcyo_CustomerFourMember</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_srt_MajorCustomersAxis=pcyo_CustomerFiveMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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;">srt_MajorCustomersAxis=pcyo_CustomerFiveMember</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_srt_MajorCustomersAxis=pcyo_CustomerSixMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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;">srt_MajorCustomersAxis=pcyo_CustomerSixMember</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>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_MajorCustomersAxis=pcyo_CustomerSevenMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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;">srt_MajorCustomersAxis=pcyo_CustomerSevenMember</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_srt_MajorCustomersAxis=pcyo_CustomerEightMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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;">srt_MajorCustomersAxis=pcyo_CustomerEightMember</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>
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</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_MajorCustomersAxis=pcyo_CustomerNineMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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;">srt_MajorCustomersAxis=pcyo_CustomerNineMember</td>
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<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>
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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>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConcentrationRiskByBenchmarkAxis=us-gaap_AccountsReceivableMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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>
</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>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementBusinessSegmentsAxis=pcyo_WaterTapFeeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_StatementBusinessSegmentsAxis=pcyo_WaterTapFeeMember</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>
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<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
</div></td></tr>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6794455616">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>ACCRUED LIABILITIES (Details) - USD ($)<br></strong></div></th>
<th class="th"><div>Feb. 28, 2019</div></th>
<th class="th"><div>Aug. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PayablesAndAccrualsAbstract', window );"><strong>ACCRUED LIABILITIES [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccruedLiabilitiesCurrent', window );">Accrued liabilities</a></td>
<td class="nump">$ 2,065,431<span></span>
</td>
<td class="nump">$ 849,538<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_AccruedSalariesCurrent', window );">Accrued compensation</a></td>
<td class="text">&#160;<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">25,000<span></span>
</td>
<td class="nump">29,000<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_AccruedProfessionalFeesCurrent', window );">Professional fees</a></td>
<td class="nump">45,000<span></span>
</td>
<td class="nump">59,000<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_OtherAccruedLiabilitiesCurrent', window );">Operating payables</a></td>
<td class="nump">1,995,400<span></span>
</td>
<td class="nump">$ 361,500<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_DueToRelatedPartiesCurrent', window );">Operating payables to CAB</a></td>
<td class="nump">$ 1,932,100<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_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://fasb.org/us-gaap/role/ref/legacyRef<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 2: http://fasb.org/us-gaap/role/ref/legacyRef<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://fasb.org/us-gaap/role/ref/legacyRef<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=82887183&amp;loc=d3e6935-107765<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_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_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://fasb.org/us-gaap/role/ref/legacyRef<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://fasb.org/us-gaap/role/ref/legacyRef<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=82887183&amp;loc=d3e6911-107765<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<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://fasb.org/us-gaap/role/ref/legacyRef<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=82887183&amp;loc=d3e6935-107765<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_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_AccruedSalariesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 the obligations incurred through that date and payable for employees' services provided. 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://fasb.org/us-gaap/role/ref/legacyRef<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=82887183&amp;loc=d3e6911-107765<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<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://fasb.org/us-gaap/role/ref/legacyRef<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=82887183&amp;loc=d3e6935-107765<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_AccruedSalariesCurrent</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>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DueToRelatedPartiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 obligations due all related parties. For classified balance sheets, represents the current portion of such 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://fasb.org/us-gaap/role/ref/legacyRef<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 2: http://fasb.org/us-gaap/role/ref/legacyRef<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 3: http://fasb.org/us-gaap/role/ref/legacyRef<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_DueToRelatedPartiesCurrent</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> Balance Type:</strong></td>
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</div></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 );">- 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://fasb.org/us-gaap/role/ref/legacyRef<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://fasb.org/us-gaap/role/ref/legacyRef<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=82887183&amp;loc=d3e6911-107765<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<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=82887183&amp;loc=d3e7018-107765<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<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=82887183&amp;loc=d3e6935-107765<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_OtherAccruedLiabilitiesCurrent</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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<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_PayablesAndAccrualsAbstract</td>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6831889760">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SEGMENT INFORMATION, Revenue by Segments (Details)<br></strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
<th class="th" colspan="2">6 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Feb. 28, 2019 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Feb. 28, 2018 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Feb. 28, 2019 </div>
<div>USD ($) </div>
<div>BusinessLine</div>
</th>
<th class="th">
<div>Feb. 28, 2018 </div>
<div>USD ($)</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_NumberOfBusinessLines', window );">Number of business lines | BusinessLine</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="nump">2<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_SegmentReportingInformationRevenueAbstract', window );"><strong>Revenues [Abstract]</strong></a></td>
<td class="text">&#160;<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="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_us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax', window );">Total revenues</a></td>
<td class="nump">$ 2,630,419<span></span>
</td>
<td class="nump">$ 844,661<span></span>
</td>
<td class="nump">$ 5,702,968<span></span>
</td>
<td class="nump">$ 1,854,793<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_StatementBusinessSegmentsAxis=pcyo_WholesaleWaterAndWastewaterSservicesMember', window );">Wholesale Water and Wastewater Services [Member]</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>
</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_SegmentReportingInformationRevenueAbstract', window );"><strong>Revenues [Abstract]</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>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax', window );">Total revenues</a></td>
<td class="nump">684,038<span></span>
</td>
<td class="nump">844,661<span></span>
</td>
<td class="nump">2,375,391<span></span>
</td>
<td class="nump">1,854,793<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_StatementBusinessSegmentsAxis=pcyo_LandDevelopmentActivitiesMember', window );">Land Development Activities [Member]</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>
</tr>
<tr 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_SegmentReportingInformationRevenueAbstract', window );"><strong>Revenues [Abstract]</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>
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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_RevenueFromContractWithCustomerExcludingAssessedTax', window );">Total revenues</a></td>
<td class="nump">$ 1,946,381<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 3,327,577<span></span>
</td>
<td class="nump">$ 0<span></span>
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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>Number of business lines in operation by the entity.</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_NumberOfBusinessLines</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 606<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=109196051&amp;loc=SL49130543-203045<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 606<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=109196051&amp;loc=SL49130539-203045<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 606<br> -SubTopic 10<br> -Section 50<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=109196051&amp;loc=SL49130545-203045<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ 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_RevenueFromContractWithCustomerExcludingAssessedTax</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>xbrli:monetaryItemType</td>
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<tr>
<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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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_SegmentReportingAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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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>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementBusinessSegmentsAxis=pcyo_WholesaleWaterAndWastewaterSservicesMember">
<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">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementBusinessSegmentsAxis=pcyo_WholesaleWaterAndWastewaterSservicesMember</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_StatementBusinessSegmentsAxis=pcyo_LandDevelopmentActivitiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_StatementBusinessSegmentsAxis=pcyo_LandDevelopmentActivitiesMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>54
<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;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6820857600">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SEGMENT REPORTING, Wholesale Water and Wastewater Services and Land Development Pretax Income (Details) - USD ($)<br></strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
<th class="th" colspan="2">6 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Feb. 28, 2019</div></th>
<th class="th"><div>Feb. 28, 2018</div></th>
<th class="th"><div>Feb. 28, 2019</div></th>
<th class="th"><div>Feb. 28, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SegmentReportingInformationIncomeLossBeforeIncomeTaxesAbstract', window );"><strong>Pretax income (loss) [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments', window );">Total pretax income (loss)</a></td>
<td class="num">$ (96,025)<span></span>
</td>
<td class="nump">$ 100,162<span></span>
</td>
<td class="nump">$ 537,947<span></span>
</td>
<td class="nump">$ 3,551<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_srt_ConsolidationItemsAxis=us-gaap_CorporateNonSegmentMember', window );">Corporate [Member]</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>
</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_SegmentReportingInformationIncomeLossBeforeIncomeTaxesAbstract', window );"><strong>Pretax income (loss) [Abstract]</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>
</tr>
<tr 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_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments', window );">Total pretax income (loss)</a></td>
<td class="num">(470,317)<span></span>
</td>
<td class="num">(464,762)<span></span>
</td>
<td class="num">(1,082,290)<span></span>
</td>
<td class="num">(1,076,653)<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_StatementBusinessSegmentsAxis=pcyo_WholesaleWaterAndWastewaterSservicesMember', window );">Wholesale Water and Wastewater Services [Member]</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>
</tr>
<tr 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_SegmentReportingInformationIncomeLossBeforeIncomeTaxesAbstract', window );"><strong>Pretax income (loss) [Abstract]</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>
</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_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments', window );">Total pretax income (loss)</a></td>
<td class="nump">257,509<span></span>
</td>
<td class="nump">564,924<span></span>
</td>
<td class="nump">1,420,582<span></span>
</td>
<td class="nump">1,080,204<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_StatementBusinessSegmentsAxis=pcyo_LandDevelopmentActivitiesMember', window );">Land Development Activities [Member]</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>
</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_SegmentReportingInformationIncomeLossBeforeIncomeTaxesAbstract', window );"><strong>Pretax income (loss) [Abstract]</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>
</tr>
<tr 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_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments', window );">Total pretax income (loss)</a></td>
<td class="nump">$ 116,783<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 199,655<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_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://fasb.org/us-gaap/role/ref/legacyRef<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>
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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;">us-gaap_SegmentReportingInformationIncomeLossBeforeIncomeTaxesAbstract</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_srt_ConsolidationItemsAxis=us-gaap_CorporateNonSegmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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;">srt_ConsolidationItemsAxis=us-gaap_CorporateNonSegmentMember</td>
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<td><strong> Data 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_StatementBusinessSegmentsAxis=pcyo_WholesaleWaterAndWastewaterSservicesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_StatementBusinessSegmentsAxis=pcyo_WholesaleWaterAndWastewaterSservicesMember</td>
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<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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<tr>
<td><strong> Period Type:</strong></td>
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</tr>
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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_StatementBusinessSegmentsAxis=pcyo_LandDevelopmentActivitiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_StatementBusinessSegmentsAxis=pcyo_LandDevelopmentActivitiesMember</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>
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<tr>
<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>55
<FILENAME>R45.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;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6647553664">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>SEGMENT REPORTING, Corporate Assets (Details) - USD ($)<br></strong></div></th>
<th class="th"><div>Feb. 28, 2019</div></th>
<th class="th"><div>Aug. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pcyo_SegmentReportingInformationCorporateAssetsAbstract', window );"><strong>Assets [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Assets', window );">Total assets</a></td>
<td class="nump">$ 74,345,933<span></span>
</td>
<td class="nump">$ 71,906,615<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_srt_ConsolidationItemsAxis=us-gaap_CorporateNonSegmentMember', window );">Corporate [Member]</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_pcyo_SegmentReportingInformationCorporateAssetsAbstract', window );"><strong>Assets [Abstract]</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_Assets', window );">Total assets</a></td>
<td class="nump">15,619,708<span></span>
</td>
<td class="nump">25,687,625<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_StatementBusinessSegmentsAxis=pcyo_WholesaleWaterAndWastewaterSservicesMember', window );">Wholesale Water and Wastewater Services [Member]</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_pcyo_SegmentReportingInformationCorporateAssetsAbstract', window );"><strong>Assets [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_Assets', window );">Total assets</a></td>
<td class="nump">41,993,268<span></span>
</td>
<td class="nump">36,721,884<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_StatementBusinessSegmentsAxis=pcyo_LandDevelopmentActivitiesMember', window );">Land Development Activities [Member]</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_pcyo_SegmentReportingInformationCorporateAssetsAbstract', window );"><strong>Assets [Abstract]</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_Assets', window );">Total assets</a></td>
<td class="nump">$ 16,732,957<span></span>
</td>
<td class="nump">$ 9,497,106<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pcyo_SegmentReportingInformationCorporateAssetsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_SegmentReportingInformationCorporateAssetsAbstract</td>
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<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://fasb.org/us-gaap/role/ref/legacyRef<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><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 22<br> -URI http://asc.fasb.org/extlink&amp;oid=115929826&amp;loc=d3e8736-108599<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<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></p></div>
<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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<td style="white-space:nowrap;">us-gaap_Assets</td>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
