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LONG-TERM OBLIGATIONS AND OPERATING LEASE (Tables) | 9 Months Ended
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May 31, 2020
LONG-TERM OBLIGATIONS AND OPERATING LEASE [Abstract] |
Remaining Third Party Obligation | As a result of the acquisitions and consideration from cumulative sales of Export Water as detailed in the table below, the remaining potential third-party obligation at May 31, 2020, is less than $1.0 million.
|  | Export Water Proceeds Received |  |  | Initial Export Water Proceeds to Pure Cycle |  |  | Total Potential Third-Party Obligation |  |  | Participating Interests Liability |  |  | Contingency |
Original balances |  | $ | — |  |  | $ | 218,500 |  |  | $ | 31,807,700 |  |  | $ | 11,090,600 |  |  | $ | 20,717,100 |
Activity from inception until August 31, 2019: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Acquisitions |  |  | — |  |  |  | 28,042,500 |  |  |  | (28,042,500 | ) |  |  | (9,790,000 | ) |  |  | (18,252,500 | )
Relinquishment |  |  | — |  |  |  | 2,386,400 |  |  |  | (2,386,400 | ) |  |  | (832,100 | ) |  |  | (1,554,300 | )
Option payments - Sky Ranch and The Hills at Sky Ranch |  |  | 110,400 |  |  |  | (42,300 | ) |  |  | (68,100 | ) |  |  | (23,800 | ) |  |  | (44,300 | )
Arapahoe County tap fees |  |  | 533,000 |  |  |  | (373,100 | ) |  |  | (159,900 | ) |  |  | (55,800 | ) |  |  | (104,100 | )
Export Water sale payments |  |  | 903,600 |  |  |  | (740,400 | ) |  |  | (163,200 | ) |  |  | (56,700 | ) |  |  | (106,500 | )
Balance at August 31, 2019 |  |  | 1,547,000 |  |  |  | 29,491,600 |  |  |  | 987,600 |  |  |  | 332,200 |  |  |  | 655,400 |
Activity for the nine months ended May 31, 2020: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Export Water sale payments |  |  | 101,200 |  |  |  | (89,200 | ) |  |  | (12,000 | ) |  |  | (4,200 | ) |  |  | (7,800 | )
Balance at May 31, 2020 |  | $ | 1,648,200 |  |  | $ | 29,402,400 |  |  | $ | 975,600 |  |  | $ | 328,000 |  |  | $ | 647,600 |
ROU Lease Assets and Lease Liabilities | ROU lease assets and lease liabilities for the Company’s operating leases were recorded in the consolidated balance sheet as follows:
|  | As of May 31, 2020 |
Operating leases - right of use assets |  | $ | 213,252 |
Accounts payable and accrued liabilities |  | $ | 70,191 |
Lease obligations - operating leases, net of current portion |  |  | 140,318 |
Total lease liability |  | $ | 210,509 |
Weighted average remaining lease term (in years) |  |  | 2.7 |
Weighted average discount rate |  |  | 6.0 | %

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