LONG-TERM OBLIGATIONS AND OPERATING LEASE (Tables)

3 Months Ended

Nov. 30, 2019

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 November 30, 2019, is approximately $1 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
Fiscal 2019 activity:
Export Water sale payments		57,300		(50,500	)		(6,800	)		(2,400	)		(4,400	)
Balance at November 30, 2019	$	1,604,300	$	29,441,100		$	980,800		$	329,800		$	651,000

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 November 30, 2019
Operating leases - right of use assets	$	247,682
Accounts payable and accrued liabilities	$	64,315
Lease obligations - operating leases, net of current portion		177,721
Total lease liability	$	242,036
Weighted average remaining lease term (in years)		3.2
Weighted average discount rate		6.0	%