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REIMBURSABLE PUBLIC IMPROVEMENTS AND NOTE RECEIVABLE FROM THE SKY RANCH CAB | 6 Months Ended
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Feb. 29, 2024
REIMBURSABLE PUBLIC IMPROVEMENTS AND NOTE RECEIVABLE FROM THE SKY RANCH CAB |
REIMBURSABLE PUBLIC IMPROVEMENTS AND NOTE RECEIVABLE FROM THE SKY RANCH CAB | NOTE 2 – REIMBURSABLE PUBLIC IMPROVEMENTS AND NOTE RECEIVABLE FROM THE SKY RANCH CAB The Sky Ranch Community Authority Board (Sky Ranch CAB) and the Company’s agreements with the Sky Ranch CAB are described in greater detail in Notes 5 and 15 to the 2023 Annual Report. The notes receivable – related party, reimbursable public improvements and project management fees are due to the Company from the Sky Ranch CAB and reports the balances owed by the Sky Ranch CAB to Pure Cycle for public improvements paid for by Pure Cycle which are reimbursable from the Sky Ranch CAB, project management fees related to the Company’s management of the construction of the public improvements, and interest accrued on the unpaid balances related to the ongoing development of the Sky Ranch master planned community (Sky Ranch). Pure Cycle has advanced funds to the Sky Ranch CAB for the cost of constructing certain public improvements at Sky Ranch which are the ultimate responsibility of the Sky Ranch CAB. During the three and six months ended February 29, 2024, Pure Cycle spent $1.0 million and $3.5 million on public improvements which are payable by the Sky Ranch CAB to Pure Cycle. Since Pure Cycle believes the amounts are probable of collection, they have been added to the note receivable from the Sky Ranch CAB. Additionally, for the three and six months ended February 29, 2024, project management fees of less than $0.1 million and $0.1 million and interest income on the outstanding note receivable of $0.2 million and $0.9 million were also added to the note receivable. During the three and six months ended February 29, 2024, the Sky Ranch CAB paid Pure Cycle $0.3 million and $0.3 million pursuant to the note. Pursuant to the agreements with the Sky Ranch CAB, any payments received are initially applied to interest. ​ During the three and six months ended February 28, 2023, Pure Cycle spent $1.7 million and $2.8 million on public improvements which are payable by the Sky Ranch CAB to Pure Cycle. Since Pure Cycle believes the amounts are probable of collection, they have been added to the note receivable from the Sky Ranch CAB. Additionally, for the three and six months ended February 28, 2023, project management fees of $0.1 million and $0.1 million and interest income on the outstanding note receivable of $0.3 million and $0.5 million were also added to the note receivable. No payments were made on the note receivable during the three and six months ended February 28, 2023. Pursuant to the agreements with the Sky Ranch CAB, any payments received are initially applied to interest. ​ The following table summarizes the activity and balances associated with the note receivable from the Sky Ranch CAB: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended
​ | ​ | February 29, 2024 |  | February 28, 2023
Beginning balance | ​ | $ | 28,270 | ​ | $ | 18,487
Additions | ​ | ​ | 931 | ​ | ​ | 2,122
Payments received | ​ | ​ | (286) | ​ | ​ | —
Ending balance | ​ | $ | 28,915 | ​ | $ | 20,609
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Six Months Ended
​ | ​ | February 29, 2024 |  | February 28, 2023
Beginning balance | ​ | $ | 24,999 | ​ | $ | 17,208
Additions | ​ | ​ | 4,202 | ​ | ​ | 3,401
Payments received | ​ | ​ | (286) | ​ | ​ | —
Ending balance | ​ | $ | 28,915 | ​ | $ | 20,609
​ The note receivable from the Sky Ranch CAB accrues interest at 6% per annum. Public improvements which are not probable of reimbursement at the time of being incurred are considered contract fulfillment costs and are recorded as land development construction costs as incurred. If public improvement costs are deemed probable of collection, the costs are recognized as notes receivable - related party. The Company assesses the collectability of the note receivable from the Sky Ranch CAB, which includes reimbursable public improvements, project management fees and the related interest income, at each reporting period. The Sky Ranch CAB has an obligation to repay the Company, but the ability of the Sky Ranch CAB to do so before the contractual termination dates is dependent upon the establishment of a tax base or other fee generating activities sufficient to fund reimbursable costs incurred.

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- Definition The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//310-10/tableOfContent + Details
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