UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
X |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended: November 30, 2015
or
__ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from __________ to __________
Commission file number 0-8814
PURE CYCLE CORPORATION
|
(Exact name of registrant as specified in its charter)
|
Colorado
|
|
84-0705083
|
(State or other jurisdiction of incorporation or organization)
|
|
(I.R.S. Employer Identification Number)
|
|
|
|
34501 E. Quincy Avenue, Bldg. 34, Box 10, Watkins, CO
|
|
80137
|
(Address of principal executive offices)
|
|
(Zip Code)
|
|
|
|
(303) 292 – 3456
|
(Registrant's telephone number, including area code)
|
|
|
|
|
(Former name, former address and former fiscal year, if changed since last report)
|
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 [X] No [ ] |
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be
|
submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
|
was required to submit and post such files).
|
Yes [X] No [ ] |
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer [ ]
|
|
Accelerated filer [X]
|
Non-accelerated filer [ ] (Do not check if a smaller reporting company)
|
|
Smaller reporting company [ ]
|
Indicate by check mark whether the registrant is a shell company filer (as defined in Rule 12b-2 of the Exchange Act).
|
|
Yes [ ] No [X] |
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of January 6, 2016:
Common stock, 1/3 of $.01 par value
|
|
23,754,098
|
(Class)
|
|
(Number of Shares)
|
PURE CYCLE CORPORATION
INDEX TO NOVEMBER 30, 2015 FORM 10-Q
|
Page
|
PART I - FINANCIAL INFORMATION
|
|
|
Item 1 – Consolidated Financial Statements
|
1
|
|
|
Consolidated Balance Sheets:
|
|
November 30, 2015 (unaudited) and August 31, 2015 (audited)
|
1
|
|
|
Consolidated Statements of Operations:
|
|
For the three months ended November 30, 2015 and 2014 (unaudited)
|
2
|
|
|
Consolidated Statement of Shareholders' Equity:
|
|
For the three months ended November 30, 2015 (unaudited)
|
3
|
|
|
Consolidated Statements of Cash Flows: |
|
For the three months ended November 30, 2015 and 2014 (unaudited)
|
4
|
|
|
Notes to Consolidated Financial Statements
|
5
|
|
|
Item 2 – Management's Discussion and Analysis of Financial Condition
|
|
and Results of Operations
|
15
|
|
|
Item 3 – Quantitative and Qualitative Disclosures About Market Risk |
27
|
|
|
Item 4 – Controls and Procedures
|
27
|
|
|
PART II – OTHER INFORMATION
|
|
|
Item 6 – Exhibits
|
28
|
|
|
Signatures
|
29
|
PART I – FINANCIAL INFORMATION
Item 1.
|
Consolidated Financial Statements
|
PURE CYCLE CORPORATION
CONSOLIDATED BALANCE SHEETS
ASSETS:
|
|
November 30, 2015
|
|
|
August 31, 2015
|
|
Current assets:
|
|
(unaudited)
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
35,510,434
|
|
|
$
|
37,089,041
|
|
Trade accounts receivable
|
|
|
865,346
|
|
|
|
707,838
|
|
Sky Ranch receivable
|
|
|
148,415
|
|
|
|
148,415
|
|
Escrow receivable
|
|
|
1,342,250
|
|
|
|
1,342,250
|
|
Land held for sale
|
|
|
443,620
|
|
|
|
-
|
|
Prepaid expenses
|
|
|
202,007
|
|
|
|
293,395
|
|
Total current assets
|
|
|
38,512,072
|
|
|
|
39,580,939
|
|
|
|
|
|
|
|
|
|
|
Investments in water and water systems, net
|
|
|
27,647,876
|
|
|
|
27,708,595
|
|
Land and mineral interests
|
|
|
5,092,247
|
|
|
|
5,091,668
|
|
Note receivable - related party:
|
|
|
|
|
|
|
|
|
Rangeview Metropolitan District, including accrued interest
|
|
|
594,449
|
|
|
|
591,223
|
|
Other assets
|
|
|
325,533
|
|
|
|
88,488
|
|
Total assets
|
|
$
|
72,172,177
|
|
|
$
|
73,060,913
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES:
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
$
|
146,740
|
|
|
$
|
198,338
|
|
Accrued liabilities
|
|
|
194,167
|
|
|
|
590,533
|
|
Income taxes
|
|
|
-
|
|
|
|
292,729
|
|
Deferred revenues
|
|
|
128,381
|
|
|
|
56,700
|
|
Deferred oil and gas lease payment
|
|
|
205,335
|
|
|
|
360,765
|
|
Total current liabilities
|
|
|
674,623
|
|
|
|
1,499,065
|
|
|
|
|
|
|
|
|
|
|
Deferred revenues, less current portion
|
|
|
1,097,342
|
|
|
|
1,111,293
|
|
Deferred oil and gas lease payment, less current portion
|
|
|
13,000
|
|
|
|
19,000
|
|
Participating Interests in Export Water Supply
|
|
|
345,515
|
|
|
|
346,007
|
|
Total liabilities
|
|
|
2,130,480
|
|
|
|
2,975,365
|
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY:
|
|
|
|
|
|
|
|
|
Preferred stock:
|
|
|
|
|
|
|
|
|
Series B - par value $.001 per share, 25 million shares authorized;
|
|
|
|
|
|
|
|
|
432,513 shares issued and outstanding
|
|
|
|
|
|
|
|
|
(liquidation preference of $432,513)
|
|
|
433
|
|
|
|
433
|
|
Common stock:
|
|
|
|
|
|
|
|
|
Par value 1/3 of $.01 per share, 40 million shares authorized;
|
|
|
|
|
|
|
|
|
23,754,098 and 24,054,098, respectively, shares outstanding
|
|
|
79,185
|
|
|
|
80,185
|
|
Collateral stock
|
|
|
-
|
|
|
|
(1,407,000
|
)
|
Additional paid-in capital
|
|
|
171,032,045
|
|
|
|
172,384,355
|
|
Accumulated deficit
|
|
|
(101,069,966
|
)
|
|
|
(100,972,425
|
)
|
Total shareholders' equity
|
|
|
70,041,697
|
|
|
|
70,085,548
|
|
Total liabilities and shareholders' equity
|
|
$
|
72,172,177
|
|
|
$
|
73,060,913
|
|
See accompanying Notes to Consolidated Financial Statements
PURE CYCLE CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
|
|
Three Months Ended November 30,
|
|
|
|
2015
|
|
|
2014
|
|
Revenues:
|
|
|
|
|
|
|
Metered water usage
|
|
$
|
56,780
|
|
|
$
|
491,823
|
|
Wastewater treatment fees
|
|
|
10,303
|
|
|
|
11,705
|
|
Special facility funding recognized
|
|
|
10,377
|
|
|
|
10,377
|
|
Water tap fees recognized
|
|
|
3,574
|
|
|
|
3,574
|
|
Farm operations
|
|
|
212,248
|
|
|
|
263,813
|
|
Other
|
|
|
44,876
|
|
|
|
52,485
|
|
Total revenues
|
|
|
338,158
|
|
|
|
833,777
|
|
|
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
|
|
Water service operations
|
|
|
(67,316
|
)
|
|
|
(136,807
|
)
|
Wastewater service operations
|
|
|
(7,074
|
)
|
|
|
(6,353
|
)
|
Farm operations
|
|
|
(15,632
|
)
|
|
|
(26,486
|
)
|
Depletion and depreciation
|
|
|
(41,655
|
)
|
|
|
(43,456
|
)
|
Other
|
|
|
(15,928
|
)
|
|
|
(10,073
|
)
|
Total cost of revenues
|
|
|
(147,605
|
)
|
|
|
(223,175
|
)
|
Gross margin
|
|
|
190,553
|
|
|
|
610,602
|
|
|
|
|
|
|
|
|
|
|
General and administrative expenses
|
|
|
(578,307
|
)
|
|
|
(647,529
|
)
|
Depreciation
|
|
|
(52,916
|
)
|
|
|
(35,409
|
)
|
Operating loss
|
|
|
(440,670
|
)
|
|
|
(72,336
|
)
|
|
|
|
|
|
|
|
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
Oil and gas lease income, net
|
|
|
161,430
|
|
|
|
161,430
|
|
Oil and gas royalty income, net
|
|
|
122,146
|
|
|
|
-
|
|
Interest income
|
|
|
63,821
|
|
|
|
3,190
|
|
Other
|
|
|
(4,268
|
)
|
|
|
6,292
|
|
Interest expense
|
|
|
-
|
|
|
|
(64,452
|
)
|
Interest imputed on the Tap Participation Fee
|
|
|
|
|
|
|
|
|
payable to HP A&M
|
|
|
-
|
|
|
|
(23,816
|
)
|
Net (loss) income
|
|
$
|
(97,541
|
)
|
|
$
|
10,308
|
|
Net (loss) income per common share – basic and diluted
|
|
|
*
|
|
|
|
*
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding
|
|
|
|
|
|
|
|
|
– basic and diluted
|
|
|
23,912,323
|
|
|
|
24,037,598
|
|
|
|
|
|
|
|
|
|
|
* Amount is less than $.01 per share
|
|
|
|
|
|
|
|
|
See accompanying Notes to Consolidated Financial Statements
PURE CYCLE CORPORATION
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY
Three months ended November 30, 2015
(Unaudited)
|
|
|
|
|
|
|
|
Additional
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Stock
|
|
|
Common Stock
|
|
|
Paid-in
|
|
|
Collateral
|
|
|
Accumulated
|
|
|
|
|
|
|
Shares
|
|
|
Amount
|
|
|
Shares
|
|
|
Amount
|
|
|
Capital
|
|
|
Stock
|
|
|
Deficit
|
|
|
Total
|
|
August 31, 2015 balance:
|
|
|
432,513
|
|
|
$
|
433
|
|
|
|
24,054,098
|
|
|
$
|
80,185
|
|
|
$
|
172,384,355
|
|
|
$
|
(1,407,000
|
)
|
|
$
|
(100,972,425
|
)
|
|
$
|
70,085,548
|
|
Share-based compensation
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
|
53,690
|
|
|
|
–
|
|
|
|
–
|
|
|
|
53,690
|
|
Collateral stock retired
|
|
|
–
|
|
|
|
–
|
|
|
|
(300,000
|
)
|
|
|
(1,000
|
)
|
|
|
(1,406,000
|
)
|
|
|
1,407,000
|
|
|
|
–
|
|
|
|
-
|
|
Net loss
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
|
(97,541
|
)
|
|
|
(97,541
|
)
|
November 30, 2015 balance:
|
|
|
432,513
|
|
|
$
|
433
|
|
|
|
23,754,098
|
|
|
$
|
79,185
|
|
|
$
|
171,032,045
|
|
|
$
|
-
|
|
|
$
|
(101,069,966
|
)
|
|
$
|
70,041,697
|
|
See accompanying Notes to Consolidated Financial Statements
PURE CYCLE CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
|
|
Three Months Ended November 30,
|
|
|
|
2015
|
|
|
2014
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
Net (loss) income
|
|
$
|
(97,541
|
)
|
|
$
|
10,308
|
|
Adjustments to reconcile net income (loss) to net cash
|
|
|
|
|
|
|
|
|
used for operating activities:
|
|
|
|
|
|
|
|
|
Imputed interest on Tap Participation Fee payable to HP A&M
|
|
|
-
|
|
|
|
23,816
|
|
Depreciation and depletion
|
|
|
94,571
|
|
|
|
78,865
|
|
Investment in Well Enhancement Recover Systems, LLC
|
|
|
2,663
|
|
|
|
(3,871
|
)
|
Stock-based compensation expense
|
|
|
53,690
|
|
|
|
68,825
|
|
Interest income and other non-cash items
|
|
|
(105
|
)
|
|
|
(104
|
)
|
Interest added to receivable from Rangeview Metropolitan District
|
|
|
(3,226
|
)
|
|
|
(3,002
|
)
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
Trade accounts receivable
|
|
|
(157,508
|
)
|
|
|
680,986
|
|
Sky Ranch receivable
|
|
|
-
|
|
|
|
(1,500
|
)
|
Prepaid expenses
|
|
|
91,388
|
|
|
|
52,732
|
|
Receivable from HP A&M
|
|
|
-
|
|
|
|
(44,880
|
)
|
Note receivable - related party: Rangeview Metropolitian District
|
|
|
-
|
|
|
|
(25,000
|
)
|
Accounts payable and accrued liabilities
|
|
|
(447,964
|
)
|
|
|
(1,001,656
|
)
|
Income taxes
|
|
|
(292,729
|
)
|
|
|
-
|
|
Interest accrued on agriculture land promissory notes
|
|
|
-
|
|
|
|
(20,058
|
)
|
Deferred revenues
|
|
|
57,730
|
|
|
|
68,141
|
|
Deferred oil and gas lease payment
|
|
|
(161,430
|
)
|
|
|
(161,430
|
)
|
Net cash used in operating activities
|
|
|
(860,461
|
)
|
|
|
(277,828
|
)
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
Investments in water, water systems, and land
|
|
|
(25,168
|
)
|
|
|
(1,154,253
|
)
|
Purchase of farm land
|
|
|
(443,620
|
)
|
|
|
-
|
|
Purchase of property and equipment
|
|
|
(248,866
|
)
|
|
|
-
|
|
Proceeds from sale of farm land
|
|
|
-
|
|
|
|
699,826
|
|
Net cash used in investing activities
|
|
|
(717,654
|
)
|
|
|
(454,427
|
)
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
Payments to contingent liability holders
|
|
|
(492
|
)
|
|
|
(6,409
|
)
|
Proceeds from borrowings on promissory notes payable
|
|
|
-
|
|
|
|
2,311,656
|
|
Payments made on promissory notes payable
|
|
|
-
|
|
|
|
(1,395,009
|
)
|
Net cash (used in) provided by financing activities
|
|
|
(492
|
)
|
|
|
910,238
|
|
Net change in cash and cash equivalents
|
|
|
(1,578,607
|
)
|
|
|
177,983
|
|
Cash and cash equivalents – beginning of period
|
|
|
37,089,041
|
|
|
|
1,749,558
|
|
Cash and cash equivalents – end of period
|
|
$
|
35,510,434
|
|
|
$
|
1,927,541
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL DISCLSOURES OF NON-CASH ACTIVITIES
|
|
|
|
|
|
|
|
|
Retirement of Collateral Stock
|
|
$
|
1,407,000
|
|
|
$
|
-
|
|
Reduction in Tap Participation Fee liability resulting from remedies under
|
|
|
|
|
|
|
|
|
the Arkansas River Agreement
|
|
$
|
-
|
|
|
$
|
6,227,266
|
|
See accompanying Notes to Consolidated Financial Statements
NOTE 1 - PRESENTATION OF INTERIM INFORMATION
The November 30, 2015 consolidated balance sheet, the consolidated statements of operations for the three months ended November 30, 2015 and 2014, respectively, the consolidated statement of shareholders' equity for the three months ended November 30, 2015, and the consolidated statements of cash flows for the three months ended November 30, 2015 and 2014, respectively, have been prepared by Pure Cycle Corporation (the "Company") 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 November 30, 2015, and for all periods presented.
Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") 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's 2015 Annual Report on Form 10-K (the "2015 Annual Report") filed with the Securities and Exchange Commission (the "SEC") on November 9, 2015. The results of operations for interim periods presented are not necessarily indicative of the operating results for the full fiscal year. The August 31, 2015 balance sheet was taken from the Company's audited financial statements.
Use of Estimates
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.
Cash and Cash Equivalents
Cash and cash equivalents include all highly liquid debt instruments with original maturities of three months or less. The Company's cash equivalents are comprised entirely of money market funds maintained at a reputable financial institution. At various times during the three months ended November 30, 2015, the Company's main operating account exceeded federally insured limits.
Financial Instruments – Concentration of Credit Risk and Fair Value
Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents. The Company places its cash equivalents with reputable financial institutions. The Company has historically invested its idle cash primarily in certificates of deposit, money market instruments, commercial paper obligations, corporate bonds and U.S. government treasury obligations. To date, the Company has not experienced significant losses on any of these investments.
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.
Cash and Cash Equivalents – The Company'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's operating and savings accounts. The carrying amount of cash and cash equivalents approximate fair value.
Trade Accounts Receivable – The Company records accounts receivable net of allowances for uncollectible accounts.
Accounts Payable – The carrying amounts of accounts payable approximate fair value due to the relatively short period to maturity for these instruments.
Long-Term Financial Liabilities – The Comprehensive Amendment Agreement No. 1 (the "CAA") is comprised of a recorded balance and an off-balance sheet or "contingent" obligation associated with the Company's acquisition of its "Rangeview Water Supply" (defined in Note 4 – Water and Land Assets to the 2015 Annual Report). The amount payable is a fixed amount but is repayable only upon the sale of "Export Water" (defined in Note 4 – Water and Land Assets to the 2015 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 – Long-Term Obligations and Operating Lease – Participating Interests in Export Water Supply.
Note Receivable – Related Party – The market value of the note receivable – related party: Rangeview Metropolitan District (the "District") is not practical to estimate due to the related party nature of the underlying transaction.
Off-Balance Sheet Instruments – The Company'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 – Long-Term Obligations and Operating Lease – Participating Interests in Export Water Supply.
Revenue Recognition
Wholesale Water and Wastewater Fees – Monthly wholesale water usage charges are assessed to the Company's customers based on actual metered usage each month plus a base monthly service fee. The Company recognizes wholesale water usage revenues upon delivering water to its customers or its governmental customer's end-use customers, as applicable. The water revenues recognized by the Company are shown gross of royalties to the State of Colorado Board of Land Commissioners (the "Land Board") and, when applicable, amounts retained by the District. The Company recognized $56,800 and $491,800 of metered water usage revenues during the three months ended November 30, 2015 and 2014, respectively.
The Company recognizes wastewater treatment fees monthly based on usage. The monthly wastewater treatment fees are shown net of amounts retained by the District. The Company recognized $10,300 and $11,700 of wastewater treatment fees during the three months ended November 30, 2015 and 2014, respectively. Costs of delivering water and providing wastewater services to customers are recognized as incurred.
Tap and Construction Fees – The Company has various water and wastewater service agreements, a component of which may include tap and construction fees. The Company recognizes water tap fees as revenue ratably over the estimated service period upon completion of the "Wholesale Facilities" (defined in Part I, Item 1 of the 2015 Annual Report) constructed to provide service to Arapahoe County, Colorado (the "County"). The Company recognized $3,600 of water tap fee revenues during each of the three months ended November 30, 2015 and 2014. The water tap fees to be recognized over this period are net of the royalty payments to the Land Board and amounts paid to third parties pursuant to the CAA as further described in Note 4 – Long-Term Obligations and Operating Lease below.
The Company recognized $10,400 of "Special Facilities" (defined in Part I, Item 1 of the 2015 Annual Report) funding as revenue during each of the three months ended November 30, 2015 and 2014. This is the ratable portion of the Special Facilities funding proceeds received from water agreements as more fully described in Note 2 – Summary of Significant Accounting Policies to the 2015 Annual Report.
As of November 30, 2015, and August 31, 2015, the Company has deferred recognition of approximately $1,153,100 and $1,167,300, respectively, of water tap and construction fee revenue from the County, which will be recognized as revenue ratably over the estimated useful accounting life of the assets constructed with the construction proceeds as described above.
Agriculture Farming Operations – Prior to the sale of its Arkansas River water and land, the Company leased its Arkansas River water and land to area farmers who actively farmed the properties. Pursuant to the terms of the purchase and sale agreement, the Company will continue to manage and receive the lease income until December 31, 2015. Therefore, the farm revenues and expenses are presented within operations for the three months ended November 30, 2015 and 2014, respectively. Pursuant to the farm lease agreements, the Company bills the lessees semi-annually in March and November. The lease billings include minimum billings and adjustments based on actual water deliveries by the Fort Lyon Canal Company ("FLCC") or are based on crop yields. The Company records farm lease income ratably each month based on estimated annual lease income the Company anticipates collecting from its land and water leases. The Company recorded these amounts as receivables, less an estimated allowance for uncollectible accounts. The allowance as of August 31, 2015, was determined by the Company's specific review of all past due accounts. The Company has recorded allowances for doubtful accounts totaling $26,300 for each of the periods ended November 30, 2015 and August 31, 2015. As of November 30, 2015 and August 31, 2015, the Company has accrued deferred revenue of $72,600 and $900, respectively, of farm income related to billings for future periods. As of November 30, 2015 and August 31, 2015, the Company has accrued a receivable of $127,300 and $361,400, respectively, of farm income related to future billings and estimates of revenue the Company anticipates receiving from crop share leases. The Company manages the farm lease business as a separate line of business from the wholesale water and wastewater business.
Royalty and Other Obligations
Revenues from the sale of Export Water are shown net of royalties payable to the Land Board. Revenues from the sale of water on the "Lowry Range" (described in Note 4 – Water and Land Assets in Part II, Item 8 of the 2015 Annual Report) are shown net of the royalties to the Land Board and the amounts retained by the District.
Oil and Gas Lease Payments
As further described in Note 2 – Summary of Significant Accounting Policies in Part II, Item 8 of the 2015 Annual Report, on March 10, 2011, the Company entered into a Paid-Up Oil and Gas Lease (the "O&G Lease") and a Surface Use and Damage Agreement (the "Surface Use Agreement") with Anadarko E&P Company, L.P. ("Anadarko\"), a wholly owned subsidiary of Anadarko Petroleum Company. In December 2012, the O&G Lease was purchased by a wholly owned subsidiary of ConocoPhillips Company. Pursuant to the O&G Lease, during the year ended August 31, 2011, the Company received an up-front payment of $1,243,400 for the purpose of exploring for, developing, producing and marketing oil and gas on approximately 634 acres of mineral estate owned by the Company at its "Sky Ranch" property (described in Note 4 – Water and Land Assets to the 2015 Annual Report). The Company began recognizing the up-front payments as income on a straight-line basis over three years (the initial term of the O&G Lease) on March 10, 2011. The Company received an additional payment of $1,243,400 during February 2014 to extend the O&G Lease an additional two years through February 2016, which will be recognized as income on a straight-line basis over two years (the extension term of the O&G Lease). During the fiscal year ended August 31, 2014, the Company received an up-front payment of $72,000 for the purpose of exploring for, developing, producing, and marketing oil and gas on 40 acres of mineral estate the Company owns adjacent to the Lowry Range (the "Rangeview Lease"). During each of the three months ended November 30, 2015 and 2014, the Company recognized $161,400 of lease income related to the up-front payments received pursuant to the O&G Lease and the Rangeview Lease.
As of November 30, 2015 and August 31, 2015, the Company has deferred recognition of $218,300 and $379,800, respectively, of income related to the O&G Lease and the Rangeview Lease, which will be recognized into income ratably through February 2016 and July 2017, respectively.
During the three months ended February 28, 2015, two wells were drilled within the Company's mineral interest. Beginning in March 2015, both wells were placed into service and began producing oil and gas and accruing royalties to the Company. In May 2015, certain gas collection infrastructure was extended to the property to allow the collection of gas from the wells and accrual of royalties attributable to gas production. During the three months ended November 30, 2015, the Company received $122,100 in royalties attributable to these two wells.
Long-Lived Assets
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.
Capitalized Costs of Water and Wastewater Systems and Depletion and Depreciation of Water Assets
Costs to construct water and wastewater systems that meet the Company's capitalization criteria are capitalized as incurred, including interest, and depreciated on a straight-line basis over their estimated useful lives of up to 30 years. The Company capitalizes design and construction costs related to construction activities, and it capitalizes certain legal, engineering and permitting costs relating to the adjudication and improvement of its water assets. 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.
Share-Based Compensation
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 $53,700 and $68,800 of share-based compensation expense during the three months ended November 30, 2015 and 2014, respectively.
Income Taxes
The Company uses a "more-likely-than-not" 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 November 30, 2015.
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 2013 through fiscal year 2015. The Company does not believe there will be any material changes in its unrecognized tax positions over the next 12 months.
The Company's policy is to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. At November 30, 2015, 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 months ended November 30, 2015 or 2014.
Income (Loss) per Common Share
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 and warrants aggregating 312,100 and 315,100 common share equivalents were outstanding as of November 30, 2015 and 2014, respectively, and have been included in the calculation of net income per common share but excluded from the calculation of loss per common share as their effect is anti-dilutive.
Recently Issued Accounting Pronouncements
The Company continually assesses any new accounting pronouncements to determine their applicability. When it is determined that a new accounting pronouncement affects the Company's financial reporting, the Company undertakes a study to determine the consequence of the change to its consolidated financial statements and ensure that there are proper controls in place to ascertain that the Company's consolidated financial statements properly reflect the change. During the current period, there were no new accounting pronouncements issued that will significantly impact the Company's financial reporting.
NOTE 2 – FAIR VALUE MEASUREMENTS
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or most advantageous market. The Company uses a fair value hierarchy that has three levels of inputs, both observable and unobservable, with use of the lowest possible level of input to determine fair value.
Level 1 — Valuations for assets and liabilities traded in active exchange markets, such as the NASDAQ Stock Market. The Company had one of these instruments as of November 30, 2015 and August 31, 2015.
Level 2 — 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 no Level 2 assets or liabilities as of November 30, 2015 or August 31, 2015.
Level 3 — Valuations for assets and liabilities that are derived from other valuation methodologies, including discounted cash flow models and similar techniques, and not based on market exchange, dealer, or broker-traded transactions. Level 3 valuations incorporate certain assumptions and projections in determining the fair value assigned to such assets or liabilities. The Company had no Level 3 liability as of November 30, 2015 or August 31, 2015.
The Company maintains policies and procedures to value instruments using what management believes to be the best and most relevant data available.
The Company's non-financial assets measured at fair value on a non-recurring basis consist entirely of its investments in water and water systems, land held for sale, and other long-lived assets. See Note 3 – Water and Land Assets below.
NOTE 3 – WATER AND LAND ASSETS
The Company's water rights and current water and wastewater service agreements are more fully described in Note 4 – Water and Land Assets in Part II, Item 8 of the 2015 Annual Report. There have been no significant changes to the Company's water rights or water and wastewater service agreements during the three months ended November 30, 2015.
The Company's Investments in Water and Water Systems consist of the following costs and accumulated depreciation and depletion at November 30, 2015 and August 31, 2015:
|
|
November 30, 2015
|
|
|
August 31, 2015
|
|
|
|
Costs
|
|
|
Accumulated Depreciation and Depletion
|
|
|
Costs
|
|
|
Accumulated Depreciation and Depletion
|
|
Rangeview water supply
|
|
$
|
14,444,600
|
|
|
$
|
(9,000
|
)
|
|
$
|
14,444,600
|
|
|
$
|
(8,800
|
)
|
Sky Ranch water rights and other costs
|
|
|
6,440,800
|
|
|
|
(219,000
|
)
|
|
|
6,440,800
|
|
|
|
(194,600
|
)
|
Fairgrounds water and water system
|
|
|
2,899,900
|
|
|
|
(820,700
|
)
|
|
|
2,899,900
|
|
|
|
(798,700
|
)
|
Rangeview water system
|
|
|
1,256,300
|
|
|
|
(120,700
|
)
|
|
|
1,256,300
|
|
|
|
(110,300
|
)
|
Water supply – other
|
|
|
3,995,700
|
|
|
|
(220,000
|
)
|
|
|
3,973,300
|
|
|
|
(193,900
|
)
|
Totals
|
|
|
29,037,300
|
|
|
|
(1,389,400
|
)
|
|
|
29,014,900
|
|
|
|
(1,306,300
|
)
|
Net investments in water and water systems
|
|
$
|
27,647,900
|
|
|
|
|
|
|
$
|
27,708,600
|
|
|
|
|
|
Capitalized terms in this section not defined herein are defined in Note 4 – Water and Land Assets to the 2015 Annual Report.
Depletion and Depreciation. The Company recorded depletion charges of $100 and $2,500 during the three months ended November 30, 2015 and 2014, respectively. During the three months ended November 30, 2015, this related entirely to the Rangeview Water Supply, and during the three months ended November 30, 2014, this related to the Rangeview Water Supply and Sky Ranch water assets.
The Company recorded $94,500 and $76,400 of depreciation expense during the three months ended November 30, 2015 and 2014, respectively.
Land Held for Sale. During the fiscal quarter ended November 30, 2015 the Company purchased three farms for approximately $443,600. The Company acquired a total of 700 acres. The farms were acquired in order to correct dry-up covenant issues related to water only farms in order obtain the release of the escrow funds related to the Company's farm sale to Arkansas River Farms, LLC. The Company intends to sell the farms within the next fiscal year.
NOTE 4 – LONG-TERM OBLIGATIONS AND OPERATING LEASE
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.
Participating Interests in Export Water Supply
The Company acquired its Rangeview Water Supply through various amended agreements entered into in the early 1990s. The acquisition was consummated with the signing of the CAA in 1996. Upon entering into the CAA, the Company recorded an initial liability of $11.1 million, which represented the cash the Company received from the participating interest holders that was used to purchase the Company's Export Water (described in greater detail in Note 4 – Water and Land Assets to the 2015 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'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.
The CAA obligation is non-interest bearing, and if the Export Water is not sold, the parties to the CAA have no recourse against the Company. If the Company does not sell the Export Water, the holders of the Series B Preferred Stock are also not entitled to payment of any dividend and have no contractual recourse against the Company.
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 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.
From time to time, the Company repurchased various portions of the CAA obligations retaining their original priority, and in 2014, the Land Board relinquished its CAA interest to the Company. The Company did not make any CAA acquisitions during the three months ended November 30, 2015 or 2014.
As a result of the acquisitions, the relinquishment by the Land Board, and the sale of Export Water, as detailed in the table below, the remaining potential third-party obligation at November 30, 2015, is approximately $1 million, and the Company has the right to approximately $29.8 million:
|
|
Export Water Proceeds Received
|
|
|
Initial Export Water Proceeds to Pure Cycle
|
|
|
Total Potential Third-Party Obligation
|
|
|
Paticipating Interests Liability
|
|
|
Contingency
|
|
Original balances
|
|
$
|
–
|
|
|
$
|
218,500
|
|
|
$
|
31,807,700
|
|
|
$
|
11,090,600
|
|
|
$
|
20,717,100
|
|
Activity from inception until August 31, 2015:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
569,200
|
|
|
|
(445,800
|
)
|
|
|
(123,400
|
)
|
|
|
(42,900
|
)
|
|
|
(80,500
|
)
|
Balance at August 31, 2015
|
|
|
1,212,600
|
|
|
|
29,786,200
|
|
|
|
1,027,400
|
|
|
|
346,000
|
|
|
|
681,400
|
|
Fiscal 2016 activity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Export Water sale payments
|
|
|
11,900
|
|
|
|
(10,400
|
)
|
|
|
(1,500
|
)
|
|
|
(500
|
)
|
|
|
(1,000
|
)
|
Balance at November 30, 2015
|
|
$
|
1,224,500
|
|
|
$
|
29,775,800
|
|
|
$
|
1,025,900
|
|
|
$
|
345,500
|
|
|
$
|
680,400
|
|
* The Arapahoe County tap fees are net of $34,522 in royalties paid to the Land Board.
The CAA includes contractually established priorities that call for payments to CAA holders in order of their priority. This means the first payees receive their full payment before the next priority level receives any payment and so on until full repayment. The Company will receive approximately $6 million of the first priority payout (the remaining entire first priority payout totals approximately $6.8 million as of November 30, 2015).
WISE Partnership
During December 2014, the Company, through the District, consented to the waiver of all contingencies set forth in the Amended and Restated WISE Partnership – Water Delivery Agreement, dated December 31, 2013 (the "WISE Partnership Agreement"), among the City and County of Denver acting through its Board of Water Commissioners ("Denver Water"), the City of Aurora acting by and through its Utility Enterprise ("Aurora Water"), and the South Metro WISE Authority ("SMWA"). The SMWA was formed by the District and nine other governmental or quasi-governmental water providers pursuant to the South Metro WISE Authority Formation and Organizational Intergovernmental Agreement, dated December 31, 2013 (the "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. The SM IGA specifies each member's pro rata share of WISE and the members' 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.
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 "WISE Financing Agreement") between the Company and the District, the Company has an agreement to fund the District's participation in WISE effective as of December 22, 2014. The Company's cost of funding the District's purchase of its share of existing infrastructure and future infrastructure for WISE is projected to be approximately $5.8 million over the next five years. See further discussion in Note 6 – Related Party Transactions.
Operating Lease
Effective January 2015, the Company entered into an operating lease for approximately 2,500 square feet of office and warehouse space. The lease has a one-year term with payments of $3,000 per month. After the end of the fiscal quarter ended November 30, 2015, the Company renewed the operating lease for an additional one-year term with payments of $3,000 per month.
NOTE 5 – SHAREHOLDERS' EQUITY
The Company maintains the 2014 Equity Incentive Plan (the "2014 Equity Plan"), which was approved by shareholders in January 2014 and became effective April 12, 2014. Executives, eligible employees, consultants and non-employee directors are eligible to receive options and stock grants pursuant to the 2014 Equity Plan. Pursuant to the 2014 Equity Plan, options to purchase shares of stock and restricted stock awards can be granted with exercise prices, vesting conditions and other performance criteria determined by the Compensation Committee of the board 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 during 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 "2004 Incentive Plan"), which expired April 11, 2014. No additional awards may be granted pursuant to the 2004 Incentive Plan; however, awards outstanding as of April 11, 2014, will continue to vest and expire and may be exercised in accordance with the terms of the 2004 Incentive Plan.
The following table summarizes the combined stock option activity for the 2004 Incentive Plan and 2014 Equity Plan for the three months ended November 30, 2015:
|
|
Number of Options
|
|
|
Weighted-Average Exercise Price
|
|
|
Weighted-Average Remaining Contractual Term
|
|
|
Approximate Aggregate Instrinsic Value
|
|
Oustanding at beginning of period
|
|
|
312,000
|
|
|
$
|
6.61
|
|
|
|
|
|
|
|
Granted
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
Exercised
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
Forfeited or expired
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
Outstanding at November 30, 2015
|
|
|
312,000
|
|
|
$
|
6.61
|
|
|
|
5.93
|
|
|
$
|
266,720
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options exercisable at November 30, 2015
|
|
|
252,667
|
|
|
$
|
5.09
|
|
|
|
5.37
|
|
|
$
|
243,320
|
|
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 three months ended November 30, 2015:
|
|
Number of Options
|
|
|
Weighted-Average Grant Date Fair Value
|
|
Non-vested options oustanding at beginning of period
|
|
|
59,333
|
|
|
$
|
4.59
|
|
Granted
|
|
|
-
|
|
|
|
-
|
|
Vested
|
|
|
-
|
|
|
|
-
|
|
Forfeited
|
|
|
-
|
|
|
|
-
|
|
Non-vested options outstanding at November 30, 2015
|
|
|
59,333
|
|
|
$
|
4.59
|
|
All non-vested options are expected to vest.
Stock-based compensation expense was $53,700 and $68,800 for the three months ended November 30, 2015 and 2014, respectively.
At November 30, 2015, the Company had unrecognized expenses relating to non-vested options that are expected to vest totaling $113,500, which options have a weighted average life of less than three years. The Company has not recorded any excess tax benefits to additional paid-in capital.
NOTE 6 – RELATED PARTY TRANSACTIONS
On December 16, 2009, the Company entered into a Participation Agreement with the District, whereby the Company agreed to provide funding to the District in connection with the District joining the South Metro Water Supply Authority ("SMWSA"). On November 10, 2014, the Company and the District entered into the WISE Financing Agreement, whereby the Company agreed to fund the District's cost of participating in a regional water supply project known as the WISE partnership. The Company anticipates investing approximately $1.2 million per year for the next five years for additional payments for the water transmission line and additional facilities, water and related assets for the WISE project.
In 1995, the Company extended a loan to the District, a related party. The loan provided for borrowings of up to $250,000, is unsecured, bears interest based on the prevailing prime rate plus 2% (5.25% at November 30, 2015) and was scheduled to mature on December 31, 2014. The Company extended the maturity date of the loan to December 31, 2020. Beginning in January 2014, the District and the Company entered into a funding agreement that allows the Company to continue to provide funding to the District for day-to-day operations and accrue the funding into a note that bears interest at a rate of 8% per annum and remains in full force and effect for so long as the 2014 Amended and Restated Lease Agreement remains in effect. The $594,400 balance of the note receivable at November 30, 2015, includes borrowings of $237,000 and accrued interest of $357,400.
NOTE 7 – SIGNIFICANT CUSTOMERS
The Company sells wholesale water and wastewater services to the District pursuant to the Rangeview Water Agreements (defined in Note 4 – Water and Land Assets to the 2015 Annual Report). Sales to the District accounted for 70% and 9% of the Company's total water and wastewater revenues for the three months ended November 30, 2015 and 2014, respectively. The District has one significant customer. Pursuant to the Rangeview Water Agreements, the Company is providing water and wastewater services to this customer on behalf of the District. The District's significant customer accounted for 61% and 7% of the Company's total water and wastewater revenues for the three months ended November 30, 2015 and 2014, respectively.
Revenues related to the provision of water for the oil and gas industry to one customer accounted for 88% of the Company's water and wastewater revenues for the three months ended November 30, 2014. The Company had no revenues related to the provision of water for the oil and gas industry for the three months ended November 30, 2015.
The Company had accounts receivable from the District which accounted for 9% and 11% of the Company's trade receivables balances at November 30, 2015 and August 31, 2015, respectively. Accounts receivable from the District's largest customer accounted for 8% and 10% of the Company's trade receivables as of November 30, 2015 and August 31, 2015, respectively.
NOTE 8 – ACCRUED LIABILITIES
At November 30, 2015, the Company had accrued liabilities of $194,200, of which $131,400 was for estimated property taxes, $18,100 was for professional fees, and $44,700 was for operating payables.
At August 31, 2015, the Company had accrued liabilities of $590,500, of which $400,000 was for accrued compensation, $95,500 was for estimated property taxes, $52,500 was for professional fees and the remaining $42,500 was related to operating payables.
NOTE 9 – LITIGATION LOSS CONTINGENCIES
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's financial position, results of operations or cash flows.
NOTE 10 – SEGMENT INFORMATION
The Company operates primarily in two lines of business: (i) the wholesale water and wastewater business; and (ii) the agricultural farming business. The Company provides wholesale water and wastewater services to customers using water rights owned by the Company and develops infrastructure to divert, treat and distribute that water and collect, treat and reuse wastewater. The Company's agricultural business consists of the Company leasing its Arkansas River Valley land and water to area farmers under cash leases or in certain cases crop share leases. The following tables show information by operating segment for the three months ended November 30, 2015 and 2014:
Three Months Ended November 30, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business segments
|
|
|
|
|
|
|
|
|
|
Wholesale
|
|
|
|
|
|
|
|
|
|
|
|
|
Water and
|
|
|
|
|
|
|
|
|
|
|
|
|
Wastewater
|
|
|
Agricultural
|
|
|
All Other
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$
|
67,100
|
|
|
$
|
212,200
|
|
|
$
|
58,800
|
|
|
$
|
338,100
|
|
Gross profit
|
|
|
(49,000
|
)
|
|
|
196,600
|
|
|
|
43,000
|
|
|
|
190,600
|
|
Depreciation
|
|
|
94,600
|
|
|
|
-
|
|
|
|
-
|
|
|
|
94,600
|
|
Other significant noncash items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation
|
|
|
-
|
|
|
|
-
|
|
|
|
53,700
|
|
|
|
53,700
|
|
Segment assets
|
|
|
28,892,800
|
|
|
|
6,208,300
|
|
|
|
37,071,100
|
|
|
|
72,172,200
|
|
Expenditures for segment assets
|
|
|
271,200
|
|
|
|
-
|
|
|
|
2,800
|
|
|
|
274,000
|
|
Three Months Ended November 30, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business segments
|
|
|
|
|
|
|
|
|
|
Wholesale
|
|
|
|
|
|
|
|
|
|
|
|
|
Water and
|
|
|
|
|
|
|
|
|
|
|
|
|
Wastewater
|
|
|
Agricultural
|
|
|
All Other
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$
|
503,500
|
|
|
$
|
263,800
|
|
|
$
|
66,500
|
|
|
$
|
833,800
|
|
Gross profit
|
|
|
316,900
|
|
|
|
237,300
|
|
|
|
56,400
|
|
|
|
610,600
|
|
Depreciation
|
|
|
78,900
|
|
|
|
-
|
|
|
|
-
|
|
|
|
78,900
|
|
Other significant noncash items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation
|
|
|
-
|
|
|
|
-
|
|
|
|
68,800
|
|
|
|
68,800
|
|
TPF interest expense
|
|
|
23,800
|
|
|
|
-
|
|
|
|
-
|
|
|
|
23,800
|
|
Segment assets
|
|
|
98,358,500
|
|
|
|
7,561,200
|
|
|
|
2,152,300
|
|
|
|
108,072,000
|
|
Expenditures for segment assets
|
|
|
1,151,400
|
|
|
|
2,900
|
|
|
|
-
|
|
|
|
1,154,300
|
|
NOTE 11 – SUBSEQUENT EVENT
After the Company's quarter ended November 30, 2015, the Company received the $1,342,300 escrow receivable related to the farm sale.
Item 2.
|
Management's Discussion and Analysis of Financial Condition and Results of Operations
|
OVERVIEW
The discussion and analysis below includes certain forward-looking statements that are subject to risks, uncertainties and other factors, as described in "Risk Factors" 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 "Disclosure Regarding Forward-Looking Statements" below.
The following Management's Discussion and Analysis ("MD&A") 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 2015 Annual Report on Form 10-K (the "2015 Annual Report"). This section focuses on the key indicators reviewed by management in evaluating our financial condition and operating performance, including the following:
|
· |
Revenue generated from providing water and wastewater services and farming operations; |
|
· |
Expenses associated with developing our water and land assets; and |
|
· |
Cash available to continue development of our water rights and service agreements. |
Our MD&A section includes the following items:
Our Business – a general description of our business, our services and our business strategy.
Results of Operations – an analysis of our results of operations for the periods presented in our consolidated financial statements. We present our discussion in the MD&A in conjunction with the accompanying financial statements.
Liquidity, Capital Resources and Financial Position – an analysis of our cash position and cash flows, as well as a discussion of our financial obligations.
Critical Accounting Policies and Estimates – a discussion of our critical accounting policies that require critical judgments, assumptions and estimates.
Our Business
Pure Cycle Corporation ("we," "us," or "our") is a Colorado corporation that (i) provides wholesale water and wastewater services to end-use customers of governmental entities and to commercial and industrial customers and (ii) until the end of calendar 2015, manages land and water assets for farming.
Wholesale Water and Wastewater
These services include water production, storage, treatment, bulk transmission to retail distribution systems, wastewater collection and treatment, irrigation water treatment and transmission, construction management, billing and collection and emergency response.
We are a vertically integrated wholesale water and wastewater provider, which means we own or control substantially all assets necessary to provide wholesale water and wastewater services to our customers. This includes owning (i) water rights which we use to provide domestic, irrigation, and industrial water to our wholesale customers (we own surface water, groundwater, reclaimed water rights and storage rights); (ii) infrastructure (such as wells, diversion structures, pipelines, reservoirs and treatment facilities) required to withdraw, treat, store and deliver water; (iii) infrastructure required to collect, treat, store and reuse wastewater; and (iv) infrastructure required to treat and deliver reclaimed water for irrigation use.
We own or control a total of approximately 3,300 acre feet of tributary surface water, 20,450 acre feet of non-tributary groundwater, and approximately 26,000 acre feet of adjudicated surface reservoir sites we refer to as our "Rangeview Water Supply." We estimate that our water supplies can provide wholesale water service to approximately 60,000 single family equivalent ("SFE") connections.
We currently provide wholesale water and wastewater service predominantly to two local governmental entity customers. Our largest wholesale domestic customer is the Rangeview Metropolitan District (the "District"). We provide service to the District and its end-use customers pursuant to the Rangeview Water Agreements (defined in Part I, Item 1– Business – Our Water and Land Assets in the 2015 Annual Report). Through the District, we serve 258 SFE water connections and 157 SFE wastewater connections located in southeastern metropolitan Denver. In the past three years, we have been providing water to industrial customers in the oil and gas industry located in our service areas and adjacent to our service areas for the purpose of hydraulic fracturing. Oil and gas operators have leased more than 135,000 acres within and adjacent to our service areas for the purpose of exploring oil and gas interests in the Niobrara and other formations, and this activity had led to increased water demands. As a result of the recent decline in oil prices, drilling has been significantly reduced, and we are not currently selling water to the oil and gas industry.
We plan to utilize our significant water assets along with our adjudicated reservoir sites to provide wholesale water and wastewater services to local governmental entities, which in turn will provide residential/commercial water and wastewater services to communities along the eastern slope of Colorado in the area generally referred to as the Front Range. Principally we target the I-70 corridor, which is located east of downtown Denver and south of Denver International Airport. This area is predominantly undeveloped and is expected to experience substantial growth over the next 30 years. We also plan to continue to provide water service to commercial and industrial customers.
Agricultural Operations and Leasing
On August 18, 2015, we and our wholly owned subsidiary, PCY Holdings, LLC, sold approximately 14,600 acres of real property and related water rights in the Fort Lyon Canal Company ("FLCC") to Arkansas River Farms, LLC, for approximately $45.8 million in cash. Pursuant to the purchase and sale agreement, we retained our farm leasing operations through December 31, 2015, after which time we intend to discontinue our farm operations.
After closing the sale of our farm portfolio, we purchased approximately 465 acres of real property in the area to resolve certain dry-up covenants on three properties in order to obtain the release the remaining approximately $1.3 million in proceeds from the sale. After the end of the first quarter, we resolved the dry-up covenant issues, the escrow proceeds were distributed to us, and the 465 acres will be held as "land for sale."
Based on total acreage, approximately two-thirds of our farm operations are managed through cash lease arrangements with local area farmers, whereby we charge a fixed fee to lease our land and the water for agricultural purposes to tenant farmers. Based on total acreage, approximately one-third of our farm operations are managed through crop share leases, pursuant to which we and the tenant farmer jointly share in the gross revenues generated from the crops grown under a 75% farmer, 25% landlord participation. The majority of crops grown on our farms are alfalfa, with a number of acres also planted with corn, sorghum, and wheat.
We also own 931 acres of land along the I-70 corridor east of Denver, Colorado. We are currently leasing this land to an area farmer until such time as the property can be developed.
These land interests are described in the Arkansas River Assets and Sky Ranch sections of Note 4 – Water and Land Assets in Part II, Item 8 of the 2015 Annual Report.
Results of Operations
Executive Summary
The results of our operations for the three months ended November 30, 2015 and 2014 are as follows:
Table 1- Summary Results of Operations
|
|
|
|
Three Months Ended November 30,
|
|
|
|
|
|
|
2015
|
|
|
2014
|
|
|
$ Change
|
|
|
% Change
|
|
Millions of gallons of water delivered
|
|
|
7.9
|
|
|
|
46.5
|
|
|
|
(38.6
|
)
|
|
|
-83
|
%
|
Metered water usage revenues
|
|
$
|
56,800
|
|
|
$
|
491,800
|
|
|
$
|
(435,000
|
)
|
|
|
-88
|
%
|
Operating costs to deliver water
|
|
$
|
67,300
|
|
|
$
|
136,800
|
|
|
$
|
(69,500
|
)
|
|
|
-51
|
%
|
(excluding depreciation and depletion)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Water delivery gross margin %
|
|
|
-18
|
%
|
|
|
72
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wastewater treatment revenues
|
|
$
|
10,300
|
|
|
$
|
11,700
|
|
|
$
|
(1,400
|
)
|
|
|
-12
|
%
|
Operating costs to treat wastewater
|
|
$
|
7,100
|
|
|
$
|
6,400
|
|
|
$
|
700
|
|
|
|
11
|
%
|
Wastewater treatment gross margin %
|
|
|
31
|
%
|
|
|
45
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
|
|
$
|
44,900
|
|
|
$
|
52,500
|
|
|
$
|
(7,600
|
)
|
|
|
-14
|
%
|
Other income costs incurred
|
|
$
|
15,900
|
|
|
$
|
10,100
|
|
|
$
|
5,800
|
|
|
|
57
|
%
|
Other income gross margin %
|
|
|
65
|
%
|
|
|
81
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tap and specialty facility revenues
|
|
$
|
14,000
|
|
|
$
|
14,000
|
|
|
$
|
-
|
|
|
|
0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Farm operations revenues
|
|
$
|
212,200
|
|
|
$
|
263,800
|
|
|
$
|
(51,600
|
)
|
|
|
-20
|
%
|
Changes in Revenues
Metered Water Usage Revenues – Our water service charges 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. Our rates and charges are established based on the average rates and charges of three surrounding water providers.
Water deliveries decreased 83% and water revenues decreased 88% during the three months ended November 30, 2015, compared to the three months ended November 30, 2014. The decreases in water deliveries and revenues are primarily the result of a reduction in demand for water by the oil and gas industry, which was used primarily to frack wells drilled in the Niobrara formation. The decrease in the price of oil has caused oil and gas producers in the area to limit drilling, which has in turn reduced demand for water. As a result of the difference in metered rates for fracking water compared to rates for tap customers, revenues received for fracking water have a greater margin. Increases and decreases in water deliveries charged at different rates will result in disproportionate increases and decreases in revenues. The following table details the sources of our sales, the number of kgal (1,000 gallons) sold, and the average price per kgal for the three months ended November 30, 2015 and November 30, 2014.
Table 2 - Water Revenue Summary
|
|
|
|
|
Three Months Ended November 30, |
|
|
|
|
2015
|
|
|
2014
|
|
Customer Type
|
|
|
Sales
|
|
|
kgal
|
|
|
Average Price
per kgal
|
|
|
Sales
|
|
|
kgal
|
|
|
Average Price
per kgal
|
|
On Site - Commercial
|
|
|
$
|
35,900
|
|
|
|
6,482.0
|
|
|
$
|
5,54
|
|
|
$
|
31,600
|
|
|
|
3,620.6
|
|
|
$
|
8.73
|
|
Export - Commercial
|
|
|
|
20,900
|
|
|
|
1,395.4
|
|
|
|
14.98
|
|
|
|
8,600
|
|
|
|
574.1
|
|
|
|
14.98
|
|
Fracking
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
451,600
|
|
|
|
42,286.5
|
|
|
|
10.68
|
|
|
|
|
$
|
56,800
|
|
|
|
7,877.4
|
|
|
$
|
7.21
|
|
|
$
|
491,800
|
|
|
|
46,481.2
|
|
|
$
|
10.58
|
|
The gross margin on delivering water decreased to a loss of 18% during the three months ended November 30, 2015, compared to a positive margin of 72% during the three months ended November 30, 2014 due to the decrease in water deliveries. The Company is obligated to pay certain lease and operating costs related to the ECCV system (defined under Liquidity, Capital Resources, and Financial Planning below). The system costs approximately $9,900 per month to maintain without any production. We have not had production through the ECCV system since November 2014, which has negatively impacted our gross margin for the three months ended November 30, 2015.
Wastewater Treatment Revenues – Our wastewater customer is charged based on the amount of wastewater treated.
Wastewater fees decreased 12% during the three months ended November 30, 2015, compared to the three months ended November 30, 2014. The decrease was primarily the result of decreased demand from our only wastewater customer.
Tap and Special Facility Revenues – We have various water and wastewater service agreements, a component of which may include tap fees and construction fees. We recognize water tap fees as revenue ratably over the estimated service period upon completion of the "Wholesale Facilities" (defined in the 2015 Annual Report) constructed to provide service to Arapahoe County, Colorado (the "County"). We recognized $3,600 of water tap fee revenues during each of the three months ended November 30, 2015 and 2014. The water tap fees to be recognized over these periods are net of the royalty payments to the State of Colorado Board of Land Commissioners (the "Land Board") and amounts paid to third parties pursuant to the "CAA," which is described in Note 4 – Long-Term Obligations and Operating Lease to the accompanying consolidated financial statements.
We recognized $10,400 of "Special Facilities" (defined in the 2015 Annual Report) funding as revenue during each of the three months ended November 30, 2015 and 2014. This is the ratable portion of the Special Facilities funding proceeds received from the County pursuant to a water service agreement as more fully described in Note 2 – Summary of Significant Accounting Policies to Part II, Item 8 of the 2015 Annual Report.
At November 30, 2015, we have deferred recognition of $1.1 million of water tap and construction fee revenue from the County, which will be recognized as revenue ratably over the estimated useful accounting life of the assets constructed with the construction proceeds as described above.
The District's water tap fees are $24,620 per SFE, and wastewater tap fees are $4,988 per SFE. We did not sell any water or wastewater taps during the three months ended November 30, 2015 or 2014.
Other Income – Other income consisted principally of consulting fees of $33,700 and $17,600 for the three months ended November 30, 2015 and 2014, respectively. The increase in fees is the result of the additional management of new water systems. We have increased from managing two systems during fiscal 2014 to four systems during fiscal 2015. Our margins have fluctuated as we allocated additional staff costs to system management. Other income also included $11,200 and $34,900 for the three months ended November 30, 2015 and 2014, respectively, from a cost-sharing arrangement for our industrial water sales to the fracking industry.
Farm Operations Revenues – Our farming operations include revenues from leases on the farms we owned in the Arkansas River Valley.
Lease income from our farming operations decreased by 20% during the three months ended November 30, 2015, compared to the three months ended November 30, 2014. The decrease was primarily the result of us converting several of our farms to crop share leases. Crop production on several of the crop share lease farms was substantially lower than we anticipated due to lower than expected yields and crop prices. We have adjusted our accrual based on revised production estimates and current crop prices.
The following charts detail our farm revenue by lease type, acres, and the average revenue per acre for the three months ended November 30, 2015 and 2014.
Table 3 - Farm Summary
|
|
|
|
Three Months Ended November 30, 2015
|
|
|
Three Months Ended November 30, 2014
|
|
Lease Type
|
|
Sales
|
|
|
Acres
|
|
|
Average Revenue per Acre
|
|
|
Sales
|
|
|
Acres
|
|
|
Average Revenue per Acre
|
|
Arkansas Cash
|
|
$
|
189,300
|
|
|
|
7,367
|
|
|
$
|
25.70
|
|
|
$
|
231,500
|
|
|
|
9,589
|
|
|
$
|
24.14
|
|
Arkansas Pasture
|
|
|
2,800
|
|
|
|
1,073
|
|
|
|
2.61
|
|
|
|
2,500
|
|
|
|
1,131
|
|
|
|
2.21
|
|
Arkansas Water shares
|
|
|
22,900
|
|
|
|
N/
|
A
|
|
|
N/
|
A
|
|
|
19,400
|
|
|
|
N/
|
A
|
|
|
N/
|
A
|
Arkansas Crop Share
|
|
|
(2,800
|
)
|
|
|
4,144
|
|
|
|
(0.68
|
)
|
|
|
10,400
|
|
|
|
1,896
|
|
|
|
5.49
|
|
Arkansas Held for Sale
|
|
|
N/
|
A
|
|
|
700
|
|
|
|
N/
|
A
|
|
|
N/
|
A
|
|
|
N/
|
A |
|
|
N/
|
A
|
Arkansas Not Farmed
|
|
|
-
|
|
|
|
2,021
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1,988
|
|
|
|
-
|
|
Sky Ranch
|
|
|
-
|
|
|
|
931
|
|
|
|
-
|
|
|
|
-
|
|
|
|
931
|
|
|
|
-
|
|
|
|
$
|
212,200
|
|
|
|
15,536
|
|
|
$
|
13.66
|
|
|
$
|
263,800
|
|
|
|
15,535
|
|
|
$
|
16.98
|
|
·
|
Prior to selling our farm assets in August 2015, we farmed approximately 14,600 acres. Although we sold our farm assets in August 2015, pursuant to the terms of the purchase and sale agreement, we will retain revenues from the farm assets through December 2015.
|
·
|
We estimate our crop share revenues based on anticipated production and anticipated commodity prices ratably throughout the calendar year. A number of our farms did not reach the expected production levels and crop prices decreased during the quarter, resulting in a decrease in our expected revenues for crop shares during the three months ended November 30, 2015.
|
General and Administrative Expenses
Significant balances classified as general and administrative ("G&A") expenses for the three months ended November 30, 2015 and 2014, respectively, were:
Table 4 - Signficant Balances in G&A
|
|
|
|
Three Months Ended November 30,
|
|
|
|
|
|
|
2015
|
|
|
2014
|
|
|
$ Change
|
|
|
% Change
|
|
Salary and salary related expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Including share-based compensation
|
|
$
|
226,200
|
|
|
$
|
201,600
|
|
|
$
|
24,600
|
|
|
|
12
|
%
|
Excluding share-based compensation
|
|
$
|
172,500
|
|
|
$
|
132,800
|
|
|
$
|
39,700
|
|
|
|
30
|
%
|
FLCC water assessment fees
|
|
$
|
104,300
|
|
|
$
|
74,600
|
|
|
$
|
29,700
|
|
|
|
40
|
%
|
Professional fees
|
|
$
|
83,400
|
|
|
$
|
224,300
|
|
|
$
|
(140,900
|
)
|
|
|
-63
|
%
|
Fees paid to directors (including insurance)
|
|
$
|
30,000
|
|
|
$
|
28,500
|
|
|
$
|
1,500
|
|
|
|
5
|
%
|
Public entity related expenses
|
|
$
|
31,600
|
|
|
$
|
23,300
|
|
|
$
|
8,300
|
|
|
|
36
|
%
|
Property taxes
|
|
$
|
35,900
|
|
|
$
|
40,200
|
|
|
$
|
(4,300
|
)
|
|
|
-11
|
%
|
Salary and salary related expenses – Salary and salary related expenses including share-based compensation increased 12% for the three months ended November 30, 2015, as compared to the three months ended November 30, 2014. The increase was primarily the result of pay increases and the addition of one new employee, which was partially offset by a reduction in share-based compensation expenses. The salary and salary related expenses noted above include $53,700 and $68,800 of share-based compensation expenses during the three months ended November 30, 2015 and 2014, respectively.
FLCC water assessment fees – Water assessment fees, which are mainly paid to the FLCC, are the fees we pay for our share of the maintenance of the Fort Lyon Canal. The fees are approved by the shareholders of the FLCC. Prior to selling our farms in August 2015, we held approximately 18,448 (20%) of the voting shares of the FLCC. Under the terms of the purchase and sales agreement, we remain responsible for paying the assessments through December 31, 2015. Assessments per share from the FLCC were $16 and $22.50 for the calendar years 2014 and 2015, respectively. FLCC water assessment fees increased 40% during the three months ended November 30, 2015, as compared to the three months ended November 30, 2014, due to the increased assessment rate charged by the FLCC. This increase was partially offset by the fact that we owned fewer FLCC shares in 2015.
Professional fees (mainly accounting and legal) – Legal and accounting fees decreased 63% during the three months ended November 30, 2015, as compared to the three months ended November 30, 2014. The decrease was due to decreased legal fees related to litigation of approximately $130,900 for the three months ended November 30, 2015, as compared to the three months ended November 30, 2014.
Fees paid to directors (including insurance) – Director's fees, including D&O insurance, increased 5% for the three months ended November 30, 2015, as compared to the three months ended November 30, 2014. These fees vary due to the number of meetings, but generally are expected to remain consistent year over year.
Public entity expenses – Costs associated with corporate governance and costs associated with being a publicly traded entity increased 36% for the three months ended November 30, 2015 as compared to the three months ended November 30, 2014. The fluctuations are due to the timing of filings, billings for services, and the changes in filing fees and compliance costs for filing with the Securities and Exchange Commission (the "SEC").
Property taxes – We accrue property taxes associated with our farm land and our Sky Ranch property. The annual property taxes for calendar year 2014 (payable in 2015) were approximately $144,100. Property taxes during the three months ended November 30, 2014, were lower as we owned fewer farms during the 2015 calendar year. We sold our farms during August 2015; however, pursuant to the terms of the purchase and sale agreement, we remain responsible for paying the property taxes for calendar year 2015 (payable in 2016).
Other Income and Expense Items
Table 5 - Other Items
|
|
|
|
Three Months Ended November 30,
|
|
|
|
|
|
|
2015
|
|
|
2014
|
|
|
$ Change
|
|
|
% Change
|
|
Other income items:
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil and gas lease income, net
|
|
$
|
161,400
|
|
|
$
|
161,400
|
|
|
$
|
-
|
|
|
|
0
|
%
|
Oil and gas royalty income, net
|
|
$
|
122,100
|
|
|
$
|
-
|
|
|
$
|
122,100
|
|
|
|
100
|
%
|
Interest income
|
|
$
|
63,800
|
|
|
$
|
3,200
|
|
|
$
|
60,600
|
|
|
|
1894
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other expense items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Imputed interest
|
|
$
|
-
|
|
|
$
|
23,800
|
|
|
$
|
(23,800
|
)
|
|
|
-100
|
%
|
Interest expense
|
|
$
|
-
|
|
|
$
|
64,500
|
|
|
$
|
(64,500
|
)
|
|
|
-100
|
%
|
The oil and gas lease income amounts represent a portion of the up-front payments we received on March 10, 2011, upon the signing of a Paid-Up Oil and Gas Lease with Anadarko E&P Company, L.P. that was subsequently purchased by a wholly-owned subsidiary of ConocoPhillips Company (the "O&G Lease") and a Surface Use and Damage Agreement (the "Surface Use Agreement"). During fiscal year 2011, we received payments of $1,243,400 for the purpose of exploring for, developing, producing and marketing oil and gas on 634 acres of mineral estate we own at our Sky Ranch property. The income received was recognized in income ratably over the initial three-year term of the O&G Lease, which began on March 10, 2011. During February 2014, we received an additional payment of $1,243,400 to extend the initial term of the O&G Lease by an additional two years through February 2016. The income received for the extension is being recognized in income over the two-year extension term of the O&G Lease.
The oil and gas royalty income represents amounts received pursuant to the O&G Lease. The amount includes royalties from oil and gas production from two wells in our mineral estate at Sky Ranch. The first well generated royalty revenue of approximately $91,000, 20% gross (net of taxes), based on the Company's 3/8ths interest of the total production of this 1,280-acre pooled mineral estate. The 10,000-foot horizontal well recorded production of approximately 27,500 barrels for the three months ended November 30, 2015. The second well generated royalty revenue of approximately $31,000, 20% gross (net of taxes), based on the Company's 1/8ths interest of the total production of this 1,280-acre pooled mineral estate. This 10,000-foot horizontal well recorded production of approximately 24,600 barrels for the three months ended November 30, 2015. During the three months ended November 30, 2014, there were no producing wells.
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 note receivable from the District. The increase was primarily attributable to the investment of cash received from the sale of our farms in August 2015 in a money market fund at a bank.
Imputed interest represents an estimate of the interest accrued on the Tap Participation Fee payable to High Plains A&M, LLC ("HP A&M"), which was eliminated as a result of the settlement with HP A&M during the three months ended February 28, 2015. As a result we no longer accrue interested related to the Tap Participation Fee.
Interest expense represents interest accrued related to notes we had on our farm assets prior to the sale. All notes associated with the farms have been paid off, and as a result we no longer incur interest on this debt.
Liquidity, Capital Resources and Financial Position
At November 30, 2015, our working capital, defined as current assets less current liabilities, was $37.8 million, which included $35.5 million in cash and cash equivalents. As of the date of the filing of this Quarterly Report on Form 10-Q, we have an effective shelf registration statement pursuant to which we may elect to sell up to $15 million of stock at any time and from time to time. We believe that as of the date of the filing of this Quarterly Report on Form 10-Q and as of November 30, 2015, we have sufficient working capital to fund our operations for the next fiscal year.
Sale of Farm Assets – We sold our Arkansas River farm assets for approximately $45.8 million on August 18, 2015. Approximately $1.3 million was being held in escrow pending the resolution of dry-up covenant issues related to three farms. After the end of the fiscal quarter ended November 30, 2015, we received the $1.3 million.
Arkansas River Water Assets – The FLCC water assessments are the charges assessed to the FLCC shareholders for the upkeep and maintenance of the Fort Lyon Canal. The water assessment payments are payable to the FLCC each calendar year. For the calendar year 2015, FLCC water assessments increased from $16 to $22.50 per share, which will increase our expenses by approximately $119,900 to $415,100, which will be expensed ratably during calendar 2015. For the calendar year 2014, FLCC water assessments increased from $15 to $16 per share, which increased our expenses by approximately $22,900 to $312,900, which were expensed ratably during calendar 2014. Our calendar year property taxes for our Arkansas River farm assets were approximately $137,000 and $150,500 for the calendar years 2015 and 2014, respectively. Based on these taxes, we are accruing or accrued monthly property taxes of approximately $11,400 and $11,700 for the calendar years 2015 and 2014, respectively. We sold our Arkansas River water assets in August 2015; however, pursuant to the terms of the purchase and sale agreement, we will remain obligated for all FLCC water assessments and property taxes for calendar year 2015.
System Expansion – During the three months ended November 30, 2015, we spent approximately $8,400 to install piping and other infrastructure at our Sky Ranch water system. We anticipate spending approximately $3 million during the next 12 months for the addition of approximately seven miles of pipeline, which will interconnect our Lowry and Sky Ranch water systems.
ECCV Capacity Operating System – Pursuant to a 1982 contractual right, the District may purchase water produced from East Cherry Creek Valley Water and Sanitation District's ("ECCV") Land Board system. ECCV's Land Board system is comprised of eight wells and more than ten miles of buried water pipeline located on the Lowry Range. In May 2012, in order to increase the delivery capacity and reliability of these wells, in our capacity as the District's service provider and the Export Water Contractor (as defined in the 2014 Amended and Restated Lease Agreement among us, the District and the Land Board), we entered into an agreement to operate and maintain the ECCV facilities allowing us to utilize the system to provide water to commercial and industrial customers, including customers providing water for drilling and hydraulic fracturing of oil and gas wells. Our costs associated with the use of the ECCV system are a flat monthly fee of $8,000 per month from January 1, 2013 through December 31, 2020, and will decrease to $3,000 per month from January 1, 2021 through April 2032. Additionally, we pay a fee per 1,000 gallons of water produced from ECCV's system, which is included in the water usage fees charged to customers.
South Metropolitan Water Supply Authority ("SMWSA") and the Water Infrastructure Supply Efficiency Partnership ("WISE") – SMWSA is a municipal water authority in the State of Colorado organized to pursue the acquisition and development of new water supplies on behalf of its members, including the District. Pursuant to the SMWSA Participation Agreement with the District, we agreed to provide funding to the District in connection with its membership in the SMWSA. In July 2013, the 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's pro rata share of WISE and the members' rights and obligations with respect to WISE. On December 31, 2013, the South Metro WISE Authority ("SMWA"), the City and County of Denver acting through its Board of Water Commissioners ("Denver Water") and the City of Aurora acting by and through its Utility Enterprise ("Aurora Water") entered into the Amended and Restated WISE Partnership – Water Delivery Agreement (the "WISE Partnership Agreement"), which provides for the purchase of certain infrastructure (pipelines, water storage facilities, water treatment facilities, and other appurtenant facilities) to deliver water to and among the 10 members of the SMWA, Denver Water and Aurora Water. We have entered into the Rangeview/Pure Cycle WISE Project Financing Agreement (the "WISE Financing Agreement"), which obligates us to fund the District's cost of participating in WISE. We anticipate that we will be investing approximately $1.2 million per year during each of the next five years to fund the District's purchase of its share of the water transmission line and additional facilities, water and related assets for WISE. In exchange for funding the District's obligations in WISE, we will have the sole right to use and reuse the District's 7% share of the WISE water and infrastructure to provide water service to the District's customers and to receive the revenue from such service. Upon completion in 2021, we expect to be entitled to approximately three million gallons per day of transmission pipeline capacity and 500 acre feet per year of water.
Summary Cash Flows Table
Table 6 - Summary Cash Flows Table
|
|
|
|
Three Months Ended November 30,
|
|
|
|
|
|
|
2015
|
|
|
2014
|
|
|
$ Change
|
|
|
% Change
|
|
Cash (used in) provided by:
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating acitivites
|
|
$
|
(860,500
|
)
|
|
$
|
(277,800
|
)
|
|
$
|
(582,700
|
) |
|
|
200
|
%
|
Investing activities
|
|
$
|
(717,700
|
)
|
|
$
|
(454,400
|
)
|
|
$
|
(263,300
|
) |
|
|
58
|
%
|
Financing activities
|
|
$
|
(500
|
)
|
|
$
|
910,200
|
|
|
$
|
(910,700
|
)
|
|
|
100
|
%
|
Changes in Operating Activities – Operating activities include revenues we receive from the sale of wholesale water and wastewater services and from leases on our farms, costs incurred in the delivery of those services, G&A expenses, and depletion/depreciation expenses.
Cash used in operations in the three months ended November 30, 2015, increased by $582,700 compared to the three months ended November 30, 2014, which was due mainly to the payment of accounts payable and taxes and increased operating losses.
Changes in Investing Activities – Investing activities in the three months ended November 30, 2015, consisted of the investment in our water system of $25,200, the acquisition of land of $443,600 and the purchase of equipment of $248,900. Investing activities in the three months ended November 30, 2014, consisted of the investment in our water system of $1,154,200 and the receipt of $699,800 from the sale of 299 acres of land along with 239 FLCC shares.
Changes in Financing Activities – Financing activities in the three months ended November 30, 2015, consisted of payments to contingent liability holders of $500. Financing activities in the three months ended November 30, 2014, consisted of the receipt of borrowings on promissory notes of $2,311,700, payments on the promissory notes of $1,395,000 and payments to contingent liability holders of $6,400.
Off-Balance Sheet Arrangements
Our off-balance sheet arrangements consist entirely of the contingent portion of the CAA as described in Note 4 – Long-Term Obligations and Operating Lease – Participating Interests in Export Water Supply to the accompanying financial statements. The contingent liability is not reflected on our balance sheet because the obligation to pay the CAA is contingent on sales of "Export Water" (defined in Note 4 – Water and Land Assets to the 2015 Annual Report), the amounts and timing of which are not reasonably determinable.
Critical Accounting Policies and Use of Estimates
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.
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.
Revenue Recognition
Our revenues consist mainly of monthly service fees, tap fees, construction fees, and beginning in fiscal year 2013, farm operations. Additionally, we receive other income from oil and gas leases and related royalties on our properties. Monthly metered water usage fees and monthly wastewater treatment fees are recognized in income each month as earned.
As further described in Note 1 – Presentation of Interim Information to the accompanying financial statements, proceeds from tap sales and construction fees are deferred upon receipt and recognized in income based on whether we own or do not own the facilities constructed with the proceeds. We recognize tap fees derived from agreements for which we construct infrastructure owned by others as revenue, along with the associated costs of construction, pursuant to the percentage-of-completion method. The percentage-of-completion method requires management to estimate the percent of work that is completed on a particular project, which could change materially throughout the duration of the construction period and result in significant fluctuations in revenue recognized during the reporting periods throughout the construction process. We did not recognize any revenues pursuant to the percentage-of-completion method during the three months ended November 30, 2015 or 2014.
Tap and construction fees derived from agreements for which we own the infrastructure are recognized as revenue ratably over the estimated service life of the assets constructed with said fees. Although the cash will be received up-front and most construction will be completed within one year of receipt of the proceeds, revenue recognition may occur over 30 years or more. Management is required to estimate the service life, and currently the service life is based on the estimated useful accounting life of the assets constructed with the tap fees. The useful accounting life of the asset is based on management's estimation of an accounting-based useful life and may not have any correlation to the actual life of the asset or the actual service life of the tap. This is deemed a reasonable recognition life of the revenues because the depreciation of the assets constructed generating those revenues will therefore be matched with the revenues.
On March 10, 2011, we and entered into the O&G Lease. Pursuant to the O&G Lease, during each of the fiscal years ended August 31, 2011 and 2014, we received up-front payments of $1,243,400 for the purpose of exploring for, developing, producing and marketing oil and gas on approximately 634 acres of mineral estate we own at our Sky Ranch property. We recognized or are recognizing the up-front payments from the O&G Lease as income on a straight-line basis over three years (the initial term of the O&G Lease) and over two years (the extended term of the O&G Lease). During the fiscal year ended August 31, 2015, we received an up-front payment of $72,000 for the purpose of exploring for, developing, producing and marketing oil and gas on 40 acres of mineral estate we own adjacent to the Lowry Range (the "Rangeview Lease"). During each of the three months ended November 30, 2015 and 2014, we recognized $161,400 of lease income in connection with the up-front payments received pursuant to the O&G Lease and the Rangeview Lease.
During the three months ended February 28, 2015, two wells were drilled within our mineral interest. Beginning in March 2015, both wells were placed into service and began producing oil and gas and accruing royalties to us. In May 2015, certain gas collection infrastructure was extended to the property to allow the collection of gas from the wells and accrual of royalties attributable to gas production. During the three months ended November 30, 2015, we received $122,100 in royalties attributable to these two wells.
We leased our farms to local area farmers on both a cash and crop share lease basis. Our cash lease farmers are charged a fixed fee, which is billed semi-annually in March and November. During the November billing cycle, our cash lease billings include either a discount or a premium adjustment based on actual water deliveries by the FLCC. Our crop share lease fees are based on actual crop yields and are received upon the sale of the crops. All fees are estimated and recognized ratably on a monthly basis. We have sold our farms; however, pursuant to the purchase and sale agreement, we will continue to receive lease income through December 31, 2015.
Impairment of Water Assets and Other Long-Lived Assets
We review our long-lived assets for impairment whenever management believes events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. We measure recoverability of assets to be held and used by a comparison of the carrying amount of an asset to estimated future undiscounted net cash flows we expect to be generated by the eventual use of the asset. If such assets are considered to be impaired and therefore the costs of the assets deemed to be unrecoverable, the impairment to be recognized would be the amount by which the carrying amount of the assets exceeds the estimated fair value of the assets.
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 .4 acre feet of water per year. Average water deliveries are approximately .4 acre feet; however, approximately 50% or .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.
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 – Water and Land Assets to Part II, Item 8 of our 2015 Annual Report.
Our Front Range Water Rights – 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 August 31, 2015, and determined that there were no material changes and 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 $27.6 million as of November 30, 2015. Based on the carrying value of our water rights, the long term and uncertain nature of any development plans, current tap fees of $24,620 and estimated gross margins, we estimate that we would need to add 2,300 new water connections (requiring 3.5% of our portfolio) to generate net revenues sufficient to recover the costs of our Rangeview Water Supply assets. If tap fees increase 5%, we would need to add 2,100 new water taps (requiring 3.4% of our portfolio) to recover the costs of our Rangeview Water Supply assets. If tap fees decrease 5%, we would need to add 2,400 new water taps (requiring 3.7% of our portfolio) to recover the costs of our Rangeview Water Supply assets.
Although changes in the housing market throughout the Front Range have delayed our estimated tap sale projections, these changes do not alter our water ownership, our service obligations to existing properties or the number of SFEs we can service.
Share-Based Compensation
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 – Shareholders' Equity to the accompanying financial statements.
Recently Adopted and Issued Accounting Pronouncements
See Note 1 – Presentation of Interim Information to the accompanying financial statements for recently adopted and issued accounting pronouncements.
Disclosure Regarding Forward-Looking Statements
Statements that are not historical facts contained in or incorporated by reference into this Quarterly Report on Form 10-Q are "forward-looking statements" 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 "Exchange Act"). Forward-looking statements involve risks and uncertainties that could cause actual results to differ from projected results. The words "anticipate," "goal," "seek," "project," "strategy," "future," "likely," "may," "should," "will," "believe," "estimate," "expect," "plan," "intend" 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:
·
|
material changes to unrecognized tax positions;
|
·
|
impact of new accounting pronouncements;
|
·
|
our intent to sell certain farms or discontinue our farm operations;
|
·
|
receipt of the first priority payout under the CAA;
|
·
|
the timing and impact on our financial statements of new home construction and other development in the areas where we may sell our water, which in turn may be impacted by credit availability;
|
·
|
utilization of our water assets;
|
·
|
growth in our targeted service area;
|
·
|
plans to continue to provide water and wastewater services to commercial and industrial customers;
|
·
|
projected capital spending for a pipeline to interconnect our Lowry and Sky Ranch water systems;
|
·
|
sufficiency of our working capital to fund our operations for the next fiscal year;
|
·
|
potential use of a shelf registration statement to sell stock;
|
·
|
consistency of director compensation;
|
·
|
deferred recognition of $1.2 million of water tap and construction fee revenue from the County;
|
·
|
costs associated with the use of the ECCV system;
|
·
|
infrastructure to be constructed over the next five years;
|
·
|
investments over the next five years for the WISE project;
|
·
|
estimates associated with revenue recognition, asset impairments, and cash flows from our water assets;
|
·
|
variance in our estimates of future tap fees and future operating costs;
|
·
|
number of new water connections necessary to recover costs;
|
·
|
expected vesting and forfeitures of stock options;
|
·
|
objectives of our investment activities; and
|
·
|
timing of the recognition of income related to the O&G Lease.
|
Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, without limitation:
·
|
the timing of new home construction and other development in the areas where we may sell our water, which in turn may be impacted by credit availability;
|
·
|
timing of oil and natural gas development in the areas where we sell our water;
|
·
|
general economic conditions;
|
·
|
the market price of water;
|
·
|
the market price of oil and natural gas;
|
·
|
the market price of alfalfa and other crops grown on our farms subject to crop share leases;
|
·
|
changes in customer consumption patterns;
|
·
|
changes in applicable statutory and regulatory requirements;
|
·
|
changes in governmental policies and procedures;
|
·
|
uncertainties in the estimation of water available under decrees;
|
·
|
uncertainties in the estimation of costs of delivery of water and treatment of wastewater;
|
·
|
uncertainties in the estimation of the service life of our systems;
|
·
|
uncertainties in the estimation of costs of construction projects;
|
·
|
the strength and financial resources of our competitors;
|
·
|
our ability to find and retain skilled personnel;
|
·
|
climatic and weather conditions, including floods, droughts and freezing conditions;
|
·
|
turnover of elected and appointed officials and delays caused by political concerns and government procedures;
|
·
|
availability and cost of labor, material and equipment;
|
·
|
delays in anticipated permit and construction dates;
|
·
|
engineering and geological problems;
|
·
|
environmental risks and regulations;
|
·
|
our ability to raise capital;
|
·
|
volatility in the price of our common stock;
|
·
|
our ability to negotiate contracts with new customers;
|
·
|
outcome of litigation and arbitration proceedings;
|
·
|
uncertainties in water court rulings;
|
·
|
our ability to collect on any judgments; and
|
·
|
the factors described under "Risk Factors" in our 2015 Annual Report.
|
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.
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
General
We have limited exposure to market risks from instruments that may impact the Consolidated Balance Sheets, Consolidated Statements of Operations, and Consolidated Statements of Cash Flows. Such exposure is due primarily to changing interest rates.
Interest Rates
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 November 30, 2015, we own one certificate of deposit with a stated maturity date and locked interest rate. Therefore, we are not subject to interest rate fluctuations. We have no investments denominated in foreign country currencies; therefore, our investments are not subject to foreign currency exchange rate risk.
Item 4.
|
Controls and Procedures
|
Evaluation of Disclosure Controls and Procedures
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'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 November 30, 2015, 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'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.
Changes in Internal Control Over Financial Reporting
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.
PART II – OTHER INFORMATION
Exhibits
31.1 |
Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.* |
32.1 |
Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* |
101.INS |
XBRL Instance Document. * |
101.SCH |
XBRL Taxonomy Extension Schema Document. * |
101.CAL |
XBRL Taxonomy Extension Calculation Linkbase Document. * |
101.DEF |
XBRL Taxonomy Extension Definition Linkbase Document. * |
101.LAB |
XBRL Taxonomy Extension Label Linkbase Document. * |
101.PRE |
XBRL Taxonomy Extension Presentation Linkbase Document. * |
SIGNATURES
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.
PURE CYCLE CORPORATION
/s/ Mark W. Harding
Mark W. Harding
President and Chief Financial Officer
January 6, 2016
29
CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Mark W. Harding, certify that:
1.
|
I have reviewed this quarterly report on Form 10-Q of Pure Cycle Corporation;
|
2.
|
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;
|
3.
|
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;
|
4.
|
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:
|
(a)
|
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;
|
(b)
|
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;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report my conclusion about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Dated: January 6, 2016
/s/ Mark W. Harding
Mark W. Harding
Principal Executive Officer and Principal Financial Officer
30
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report on Form 10-Q of Pure Cycle Corporation (the "Company") for the three months ended November 30, 2015, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Mark W. Harding, President and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:
(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
/s/ Mark W. Harding
Mark W. Harding
Principal Executive Officer and Principal Financial Officer
January 6, 2016
31
v3.3.1.900
X |
- DefinitionIf the value is true, then the document is an amendment to previously-filed/accepted document.
+ References
+ Details
Name: |
dei_AmendmentFlag |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionEnd date of current fiscal year in the format --MM-DD.
+ References
+ Details
Name: |
dei_CurrentFiscalYearEndDate |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:gMonthDayItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThis 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.
+ References
+ Details
Name: |
dei_DocumentFiscalPeriodFocus |
Namespace Prefix: |
dei_ |
Data Type: |
dei:fiscalPeriodItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThis 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.
+ References
+ Details
Name: |
dei_DocumentFiscalYearFocus |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:gYearItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe 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.
+ References
+ Details
Name: |
dei_DocumentPeriodEndDate |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:dateItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe 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".
+ References
+ Details
Name: |
dei_DocumentType |
Namespace Prefix: |
dei_ |
Data Type: |
dei:submissionTypeItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionA unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation 12B -Number 240 -Section 12b -Subsection 1
+ Details
Name: |
dei_EntityCentralIndexKey |
Namespace Prefix: |
dei_ |
Data Type: |
dei:centralIndexKeyItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionIndicate 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.
+ References
+ Details
Name: |
dei_EntityCommonStockSharesOutstanding |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionIndicate "Yes" or "No" whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.
+ References
+ Details
Name: |
dei_EntityCurrentReportingStatus |
Namespace Prefix: |
dei_ |
Data Type: |
dei:yesNoItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionIndicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, (4) Smaller Reporting Company (Non-accelerated) or (5) Smaller Reporting Accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.
+ References
+ Details
Name: |
dei_EntityFilerCategory |
Namespace Prefix: |
dei_ |
Data Type: |
dei:filerCategoryItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation 12B -Number 240 -Section 12b -Subsection 1
+ Details
Name: |
dei_EntityRegistrantName |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionIndicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
+ References
+ Details
Name: |
dei_EntityVoluntaryFilers |
Namespace Prefix: |
dei_ |
Data Type: |
dei:yesNoItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionIndicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.
+ References
+ Details
Name: |
dei_EntityWellKnownSeasonedIssuer |
Namespace Prefix: |
dei_ |
Data Type: |
dei:yesNoItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
|
Nov. 30, 2015 |
Aug. 31, 2015 |
Current assets: |
|
|
Cash and cash equivalents |
$ 35,510,434
|
$ 37,089,041
|
Trade accounts receivable |
865,346
|
707,838
|
Sky Ranch receivable |
148,415
|
148,415
|
Escrow receivable |
1,342,250
|
1,342,250
|
Land held for sale |
443,620
|
0
|
Prepaid expenses |
202,007
|
293,395
|
Total current assets |
38,512,072
|
39,580,939
|
Investments in water and water systems, net |
27,647,876
|
27,708,595
|
Land and mineral interests |
5,092,247
|
5,091,668
|
Note receivable - related party: |
|
|
Rangeview Metropolitan District, including accrued interest |
594,449
|
591,223
|
Other assets |
325,533
|
88,488
|
Total assets |
72,172,177
|
73,060,913
|
Current liabilities: |
|
|
Accounts payable |
146,740
|
198,338
|
Accrued liabilities |
194,167
|
590,533
|
Income taxes |
0
|
292,729
|
Deferred revenues |
128,381
|
56,700
|
Deferred oil and gas lease payment |
205,335
|
360,765
|
Total current liabilities |
674,623
|
1,499,065
|
Deferred revenues, less current portion |
1,097,342
|
1,111,293
|
Deferred oil and gas lease payment, less current portion |
13,000
|
19,000
|
Participating Interests in Export Water Supply |
345,515
|
346,007
|
Total liabilities |
2,130,480
|
2,975,365
|
Preferred stock: |
|
|
Series B - par value $.001 per share, 25 million shares authorized; 432,513 shares issued and outstanding (liquidation preference of $432,513) |
433
|
433
|
Common stock: |
|
|
Common stock: Par value 1/3 of $.01 per share, 40 million shares authorized; 23,754,098 and 24,054,098, respectively, shares outstanding |
79,185
|
80,185
|
Collateral stock |
0
|
(1,407,000)
|
Additional paid-in capital |
171,032,045
|
172,384,355
|
Accumulated deficit |
(101,069,966)
|
(100,972,425)
|
Total shareholders' equity |
70,041,697
|
70,085,548
|
Total liabilities and shareholders' equity |
$ 72,172,177
|
$ 73,060,913
|
X |
- References
+ Details
Name: |
pcyo_CollateralStock |
Namespace Prefix: |
pcyo_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
pcyo_CommonStockAbstract |
Namespace Prefix: |
pcyo_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
pcyo_DeferredOilAndGasLeasePaymentLessCurrentPortion |
Namespace Prefix: |
pcyo_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionThis element represents revenue received for oil and gas lease, but not recognized for financial reporting purposes, which is anticipated to be recognized for financial reporting purposes within one year of the reporting date or one operating cycle, if longer.
+ References
+ Details
Name: |
pcyo_DeferredRevenueOilAndGasLeasePaymentCurrent |
Namespace Prefix: |
pcyo_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
pcyo_PreferredStockAbstract |
Namespace Prefix: |
pcyo_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe contingent obligation for participating interests in export water.
+ References
+ Details
Name: |
pcyo_RecordedPortionOfContingentObligation |
Namespace Prefix: |
pcyo_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionCarrying 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).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(a)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details
Name: |
us-gaap_AccountsPayableCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount 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.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.3-4) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 3 -Subparagraph a(1) -Article 5
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 4 -Article 5
+ Details
Name: |
us-gaap_AccountsReceivableNetCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionCarrying 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).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.20) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details
Name: |
us-gaap_AccruedLiabilitiesCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionExcess 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.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.30(a)(1)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 31 -Article 5
+ Details
Name: |
us-gaap_AdditionalPaidInCapital |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionSum 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.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.18) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 12 -Article 7
+ Details
Name: |
us-gaap_Assets |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionSum 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.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.9) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=28358313&loc=d3e6801-107765
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=28358313&loc=d3e6676-107765
+ Details
Name: |
us-gaap_AssetsCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
us-gaap_AssetsCurrentAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of assets held-for-sale that are not part of a disposal group, expected to be sold within a year or the normal operating cycle, if longer.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 15 -Paragraph 4 -Subparagraph (b)(2) -URI http://asc.fasb.org/extlink&oid=6390208&loc=d3e400-110220
+ Details
Name: |
us-gaap_AssetsHeldForSaleNotPartOfDisposalGroupCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount 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.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Cash -URI http://asc.fasb.org/extlink&oid=6506951
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 45 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=28358313&loc=d3e6676-107765
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3044-108585
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Cash Equivalents -URI http://asc.fasb.org/extlink&oid=6507016
Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.1) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details
Name: |
us-gaap_CashAndCashEquivalentsAtCarryingValue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionValue 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.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.29) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 30 -Article 5
+ Details
Name: |
us-gaap_CommonStockValueOutstanding |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionThe carrying amount of consideration received or receivable as of the balance sheet date on potential earnings that were not recognized as revenue in conformity with GAAP, and which are expected to be recognized as such within one year or the normal operating cycle, if longer, including sales, license fees, and royalties, but excluding interest income.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 45 -Paragraph 8 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=28358313&loc=d3e6935-107765
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 605 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 13.A.4(a).Q1) -URI http://asc.fasb.org/extlink&oid=27012821&loc=d3e214044-122780
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 13 -Section A
+ Details
Name: |
us-gaap_DeferredRevenueCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionThe noncurrent portion of deferred revenue amount as of balance sheet date. Deferred revenue is a liability related to a revenue producing activity for which revenue has not yet been recognized, and is not expected to be recognized in the next twelve months. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 45 -Paragraph 8 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=28358313&loc=d3e6935-107765
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 605 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 13.A.4(a).Q1) -URI http://asc.fasb.org/extlink&oid=27012821&loc=d3e214044-122780
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 13 -Section A
+ Details
Name: |
us-gaap_DeferredRevenueNoncurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionThe designation of funds furnished by a borrower to a lender to assure future payments of the borrower's real estate taxes and insurance obligations with respect to a mortgaged property. Escrow deposits may be made for a variety of other purposes such as earnest money and contingent payments. This element excludes replacement reserves which are an escrow separately provided for within the US GAAP taxonomy.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.10) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878
+ Details
Name: |
us-gaap_EscrowDeposit |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount 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.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 45 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=28358313&loc=d3e6812-107765
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details
Name: |
us-gaap_LandAndLandImprovements |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionSum 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.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19-26) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details
Name: |
us-gaap_Liabilities |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.32) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 25 -Article 7
+ Details
Name: |
us-gaap_LiabilitiesAndStockholdersEquity |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionTotal 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.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.21) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details
Name: |
us-gaap_LiabilitiesCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
us-gaap_LiabilitiesCurrentAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAggregate carrying amount, as of the balance sheet date, of noncurrent assets not separately disclosed in the balance sheet. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.17) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details
Name: |
us-gaap_OtherAssetsNoncurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAggregate 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.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.28) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29 -Article 5
+ Details
Name: |
us-gaap_PreferredStockValue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of asset related to consideration paid in advance for costs that provide economic benefits within a future period of one year or the normal operating cycle, if longer.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=28358313&loc=d3e6787-107765
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 340 -SubTopic 10 -Section 05 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=51662447&loc=d3e5879-108316
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Current Assets -URI http://asc.fasb.org/extlink&oid=6509628
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 45 -Paragraph 1 -Subparagraph (g) -URI http://asc.fasb.org/extlink&oid=28358313&loc=d3e6676-107765
+ Details
Name: |
us-gaap_PrepaidExpenseCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount 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.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.13) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 13 -Subparagraph a -Article 5
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 8 -Article 7
+ Details
Name: |
us-gaap_PropertyPlantAndEquipmentNet |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionThe cumulative amount of the reporting entity's undistributed earnings or deficit.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.31(a)(3)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3
+ Details
Name: |
us-gaap_RetainedEarningsAccumulatedDeficit |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 55 -Paragraph 4I -URI http://asc.fasb.org/extlink&oid=35736750&loc=SL4590271-111686
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 16 -URI http://asc.fasb.org/extlink&oid=51664549&loc=SL4568740-111683
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=51664549&loc=SL4568447-111683
+ Details
Name: |
us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
v3.3.1.900
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
|
Nov. 30, 2015 |
Aug. 31, 2015 |
Statement of Financial Position [Abstract] |
|
|
Preferred stock; Series B- par value |
$ 0.001
|
$ 0.001
|
Preferred stock; Series B- shares authorized |
25,000,000
|
25,000,000
|
Preferred stock; Series B- shares issued |
432,513
|
432,513
|
Preferred stock; Series B- shares outstanding |
432,513
|
432,513
|
Preferred stock; Series B- liquidation preference |
$ 432,513
|
$ 432,513
|
Common stock, par value |
$ 0.003333
|
$ 0.003333
|
Common stock, shares authorized |
40,000,000
|
40,000,000
|
Common stock, shares outstanding |
23,754,098
|
24,054,098
|
X |
- DefinitionFace amount or stated value per share of common stock.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.29) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 30 -Article 5
+ Details
Name: |
us-gaap_CommonStockParOrStatedValuePerShare |
Namespace Prefix: |
us-gaap_ |
Data Type: |
num:perShareItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionThe maximum number of common shares permitted to be issued by an entity's charter and bylaws.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.29) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 30 -Article 5
+ Details
Name: |
us-gaap_CommonStockSharesAuthorized |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionNumber of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.29) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 30 -Article 5
+ Details
Name: |
us-gaap_CommonStockSharesOutstanding |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionValue of the difference between preference in liquidation and the par or stated values of the preferred shares.
+ References
+ Details
Name: |
us-gaap_PreferredStockLiquidationPreferenceValue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionFace amount or stated value per share of preferred stock nonredeemable or redeemable solely at the option of the issuer.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.28) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29 -Article 5
+ Details
Name: |
us-gaap_PreferredStockParOrStatedValuePerShare |
Namespace Prefix: |
us-gaap_ |
Data Type: |
num:perShareItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionThe 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.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.28) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29 -Article 5
+ Details
Name: |
us-gaap_PreferredStockSharesAuthorized |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionTotal 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.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.28) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29 -Article 5
+ Details
Name: |
us-gaap_PreferredStockSharesIssued |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionAggregate 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.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.28) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29 -Article 5
+ Details
Name: |
us-gaap_PreferredStockSharesOutstanding |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
us-gaap_StatementOfFinancialPositionAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($)
|
3 Months Ended |
Nov. 30, 2015 |
Nov. 30, 2014 |
Revenues: |
|
|
|
Metered water usage |
|
$ 56,780
|
$ 491,823
|
Wastewater treatment fees |
|
10,303
|
11,705
|
Special facility funding recognized |
|
10,377
|
10,377
|
Water tap fees recognized |
|
3,574
|
3,574
|
Farm operations |
|
212,248
|
263,813
|
Other |
|
44,876
|
52,485
|
Total revenues |
|
338,158
|
833,777
|
Expenses: |
|
|
|
Water service operations |
|
(67,316)
|
(136,807)
|
Wastewater service operations |
|
(7,074)
|
(6,353)
|
Farm operations |
|
(15,632)
|
(26,486)
|
Depletion and depreciation |
|
(41,655)
|
(43,456)
|
Other |
|
(15,928)
|
(10,073)
|
Total cost of revenues |
|
(147,605)
|
(223,175)
|
Gross margin |
|
190,553
|
610,602
|
General and administrative expenses |
|
(578,307)
|
(647,529)
|
Depreciation |
|
(52,916)
|
(35,409)
|
Operating loss |
|
(440,670)
|
(72,336)
|
Other income (expense): |
|
|
|
Oil and gas lease income, net |
|
161,430
|
161,430
|
Oil and gas royalty income, net |
|
122,146
|
0
|
Interest income |
|
63,821
|
3,190
|
Other |
|
(4,268)
|
6,292
|
Interest expense |
|
0
|
(64,452)
|
Interest imputed on the Tap Participation Fee payable to HP A&M |
|
|
(23,816)
|
Net (loss) income |
|
$ (97,541)
|
$ 10,308
|
Net income (loss) per common share - basic and diluted |
[1] |
|
|
Weighted average common shares outstanding - basic and diluted (in Shares) |
|
23,912,323
|
24,037,598
|
|
|
X |
- References
+ Details
Name: |
pcyo_CostOfFarmOperations |
Namespace Prefix: |
pcyo_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
pcyo_FarmOperationsIncome |
Namespace Prefix: |
pcyo_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
pcyo_OtherIncomeExpenseAbstract |
Namespace Prefix: |
pcyo_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
pcyo_OtherSalesRevenue |
Namespace Prefix: |
pcyo_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionPeriod recognition of construction funding for special facilities.
+ References
+ Details
Name: |
pcyo_RecognitionOfDeferredConstructionFunding |
Namespace Prefix: |
pcyo_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionPeriod recognition of water tap fees.
+ References
+ Details
Name: |
pcyo_RecognitionOfDeferredWaterTapFees |
Namespace Prefix: |
pcyo_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe amount of expense relating to wastewater service operations.
+ References
+ Details
Name: |
pcyo_WastewaterServiceOperations |
Namespace Prefix: |
pcyo_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionRevenue derived from wastewater treatment fees.
+ References
+ Details
Name: |
pcyo_WastewaterTreatmentFees |
Namespace Prefix: |
pcyo_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAggregate depreciation, depletion and amortization expense in the current period for the cost of tangible assets, intangible assets, or depleting assets directly related to goods produced and sold during the reporting period.
+ References
+ Details
Name: |
us-gaap_CostOfGoodsSoldDepreciationDepletionAndAmortization |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe aggregate cost of goods produced and sold and services rendered during the reporting period.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.2) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688
+ Details
Name: |
us-gaap_CostOfRevenue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionTotal costs related to services rendered by an entity during the reporting period.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.2(d)) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688
+ Details
Name: |
us-gaap_CostOfServices |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe expense recognized in the current period that allocates the cost of nonproduction tangible assets over their useful lives.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585
+ Details
Name: |
us-gaap_DepreciationNonproduction |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe amount of net income or loss for the period per each share in instances when basic and diluted earnings per share are the same amount and reported as a single line item on the face of the financial statements. Basic earnings per share is the amount of net income or loss for the period per each share of common stock or unit outstanding during the reporting period. Diluted earnings per share includes the amount of net income or loss for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.
+ References
+ Details
Name: |
us-gaap_EarningsPerShareBasicAndDiluted |
Namespace Prefix: |
us-gaap_ |
Data Type: |
num:perShareItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe 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.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.4) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688
+ Details
Name: |
us-gaap_GeneralAndAdministrativeExpense |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.1,2) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688
+ Details
Name: |
us-gaap_GrossProfit |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of the cost of borrowed funds accounted for as interest expense for debt.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.8) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688
+ Details
Name: |
us-gaap_InterestExpenseDebt |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionInterest expense on all other items not previously classified. For example, includes dividends associated with redeemable preferred stock of a subsidiary that is treated as a liability in the parent's consolidated balance sheet.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4D -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624177-113959
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 225 -Section S99 -Paragraph 1 -Subparagraph -4 -URI http://asc.fasb.org/extlink&oid=6879574&loc=d3e536633-122882
+ Details
Name: |
us-gaap_InterestExpenseOther |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount before accretion (amortization) of purchase discount (premium) of interest income on nonoperating securities.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.7(b)) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688
+ Details
Name: |
us-gaap_InvestmentIncomeInterest |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Net Income -URI http://asc.fasb.org/extlink&oid=51831255
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 225 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04.19) -URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257
Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.18) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688
Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 225 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04.22) -URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913
Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Other Comprehensive Income -URI http://asc.fasb.org/extlink&oid=51831270
Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 19 -Article 5
Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph 20 -Article 9
+ Details
Name: |
us-gaap_NetIncomeLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAggregate revenue during the period related to oil and gas business activities.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 23 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=51678428&loc=d3e62136-109447
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.1) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 24 -URI http://asc.fasb.org/extlink&oid=51678428&loc=d3e62246-109447
+ Details
Name: |
us-gaap_OilAndGasRevenue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_OperatingCostsAndExpensesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe net result for the period of deducting operating expenses from operating revenues.
+ References
+ Details
Name: |
us-gaap_OperatingIncomeLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionOther costs incurred and are directly related to services rendered by an entity during the reporting period.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.2(d)) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688
+ Details
Name: |
us-gaap_OtherCostOfServices |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe aggregate amount of other income amounts, the components of which are not separately disclosed on the income statement, resulting from ancillary business-related activities (that is, excluding major activities considered part of the normal operations of the business) also known as other nonoperating income recognized for the period. Such amounts may include: (a) dividends, (b) interest on securities, (c) profits on securities (net of losses), and (d) miscellaneous other income items.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.7) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688
+ Details
Name: |
us-gaap_OtherNonoperatingIncome |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.1) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688
+ Details
Name: |
us-gaap_Revenues |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_RevenuesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAncillary 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.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.7) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688
+ Details
Name: |
us-gaap_RoyaltyIncomeNonoperating |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAggregate revenue during the period from sale of goods in the normal course of business, before deducting returns, allowances and discounts.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.1(a)) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688
+ Details
Name: |
us-gaap_SalesRevenueGoodsGross |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAverage number of shares or units issued and outstanding that are used in calculating basic and diluted earnings per share (EPS).
+ References
+ Details
Name: |
us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY AND COMPREHENSIVE INCOME (LOSS) - 3 months ended Nov. 30, 2015 - USD ($)
|
Preferred Stock |
Common Stock |
Additional Paid-In Capital |
Collateral Stock |
Accumulated Deficit |
Total |
Balance, beginning at Aug. 31, 2015 |
$ 433
|
$ 80,185
|
$ 172,384,355
|
$ (1,407,000)
|
$ (100,972,425)
|
$ 70,085,548
|
Balance, beginning, shares at Aug. 31, 2015 |
432,513
|
24,054,098
|
|
|
|
|
Share-based compensation |
|
|
53,690
|
|
|
53,690
|
Collateral stock retired |
|
$ (1,000)
|
(1,406,000)
|
1,407,000
|
|
0
|
Collateral stock retired, shares |
|
(300,000)
|
|
|
|
|
Net loss |
|
|
|
|
(97,541)
|
(97,541)
|
Balance, ending at Nov. 30, 2015 |
$ 433
|
$ 79,185
|
$ 171,032,045
|
$ 0
|
$ (101,069,966)
|
$ 70,041,697
|
Balance, ending, shares at Nov. 30, 2015 |
432,513
|
23,754,098
|
|
|
|
|
X |
- References
+ Details
Name: |
pcyo_CollateralStockRetired |
Namespace Prefix: |
pcyo_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
pcyo_CollateralStockRetiredShares |
Namespace Prefix: |
pcyo_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThis element represents the amount of recognized equity-based compensation related to stock options during the period, that is, the amount recognized as expense in the income statement (or as asset if compensation is capitalized).
+ References
+ Details
Name: |
us-gaap_AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Net Income -URI http://asc.fasb.org/extlink&oid=51831255
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 225 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04.19) -URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257
Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.18) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688
Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 225 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04.22) -URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913
Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Other Comprehensive Income -URI http://asc.fasb.org/extlink&oid=51831270
Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 19 -Article 5
Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph 20 -Article 9
+ Details
Name: |
us-gaap_NetIncomeLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionNumber of shares issued which are neither cancelled nor held in the treasury.
+ References
+ Details
Name: |
us-gaap_SharesOutstanding |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionTotal 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.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 4.E) -URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74512-122707
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.29-31) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section E
+ Details
Name: |
us-gaap_StockholdersEquity |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- Details
Name: |
us-gaap_StatementEquityComponentsAxis=us-gaap_PreferredStockMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_StatementEquityComponentsAxis=us-gaap_AdditionalPaidInCapitalMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_StatementEquityComponentsAxis=pcyo_CollateralStockMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_StatementEquityComponentsAxis=us-gaap_RetainedEarningsMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.3.1.900
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
|
3 Months Ended |
Nov. 30, 2015 |
Nov. 30, 2014 |
Cash flows from operating activities: |
|
|
Net (loss) income |
$ (97,541)
|
$ 10,308
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
Imputed interest on Tap Participation Fee payable to HP A&M |
|
23,816
|
Depreciation and depletion |
94,571
|
78,865
|
Investment in Well Enhancement Recover Systems, LLC |
2,663
|
(3,871)
|
Stock-based compensation expense |
53,690
|
68,825
|
Interest income and other non-cash items |
(105)
|
(104)
|
Interest added to receivable from Rangeview Metropolitan District |
(3,226)
|
(3,002)
|
Changes in operating assets and liabilities: |
|
|
Trade accounts receivable |
(157,508)
|
680,986
|
Sky Ranch Receivable |
0
|
(1,500)
|
Prepaid expenses |
91,388
|
52,732
|
Receivable from HP A&M |
0
|
(44,880)
|
Note receivable - related party: Rangeview Metropolitian District |
0
|
(25,000)
|
Accounts payable and accrued liabilities |
(447,964)
|
(1,001,656)
|
Income taxes |
(292,729)
|
0
|
Interest accrued on agriculture land promissory notes |
0
|
(20,058)
|
Deferred revenues |
57,730
|
68,141
|
Deferred oil & gas lease |
(161,430)
|
(161,430)
|
Net cash (used in) provided by operating activities |
(860,461)
|
(277,828)
|
Cash flows from investing activities: |
|
|
Investments in water, water systems, and land |
(25,168)
|
(1,154,253)
|
Purchase of farm land |
(443,620)
|
0
|
Purchase of property and equipment |
(248,866)
|
0
|
Proceeds from sale of farm land |
0
|
699,826
|
Net cash (used in) provided by investing activities |
(717,654)
|
(454,427)
|
Cash flows from financing activities: |
|
|
Payments to contingent liability holders |
(492)
|
(6,409)
|
Proceeds from borrowings on promissory notes payable |
0
|
2,311,656
|
Payments made on promissory notes payable |
0
|
(1,395,009)
|
Net cash provided by (used in) financing activities |
(492)
|
910,238
|
Net change in cash and cash equivalents |
(1,578,607)
|
177,983
|
Cash and cash equivalents - beginning of period |
37,089,041
|
1,749,558
|
Cash and cash equivalents - end of period |
35,510,434
|
1,927,541
|
SUPPLEMENTAL DISCLSOURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES |
|
|
Retirement of Collateral Stock |
1,407,000
|
0
|
Reduction in Tap Participation Fee liability resulting from remedies under the Arkansas River Agreement |
$ 0
|
$ 6,227,266
|
X |
- DefinitionDeferred income related to oil & gas lease bonus payments recognized in the period.
+ References
+ Details
Name: |
pcyo_DeferredOilAndGasLeaseBonusPayment |
Namespace Prefix: |
pcyo_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
pcyo_InvestmentInWellEnhancementRecoverSystems |
Namespace Prefix: |
pcyo_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionPayments made to export water contingent liability holders during the period.
+ References
+ Details
Name: |
pcyo_PaymentsToContingentLiabilityHolders |
Namespace Prefix: |
pcyo_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
pcyo_RetirementOfCollateralStock |
Namespace Prefix: |
pcyo_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount 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.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Cash -URI http://asc.fasb.org/extlink&oid=6506951
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 45 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=28358313&loc=d3e6676-107765
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3044-108585
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Cash Equivalents -URI http://asc.fasb.org/extlink&oid=6507016
Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.1) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details
Name: |
us-gaap_CashAndCashEquivalentsAtCarryingValue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount 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.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 24 -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3521-108585
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 830 -SubTopic 230 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=49171198&loc=d3e33268-110906
+ Details
Name: |
us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe 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.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585
+ Details
Name: |
us-gaap_DepreciationDepletionAndAmortization |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe 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.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585
+ Details
Name: |
us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe 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.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585
+ Details
Name: |
us-gaap_IncreaseDecreaseInAccountsReceivable |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe increase (decrease) during the reporting period, excluding the portion taken into income, in the liability reflecting revenue yet to be earned for which cash or other forms of consideration was received or recorded as a receivable.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585
+ Details
Name: |
us-gaap_IncreaseDecreaseInDeferredRevenue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe increase (decrease) during the reporting period in interest payable, which represents the amount owed to note holders, bond holders, and other parties for interest earned on loans or credit extended to the reporting entity.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585
+ Details
Name: |
us-gaap_IncreaseDecreaseInInterestPayableNet |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_IncreaseDecreaseInOperatingCapitalAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe 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.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585
+ Details
Name: |
us-gaap_IncreaseDecreaseInPrepaidExpense |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe amount of interest income and other income recognized during the period. Included in this element is interest derived from investments in debt securities, cash and cash equivalents, and other investments which reflect the time value of money or transactions in which the payments are for the use or forbearance of money and other income from ancillary business-related activities (that is, excluding major activities considered part of the normal operations of the business).
+ References
+ Details
Name: |
us-gaap_InterestAndOtherIncome |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionInterest expense on all other items not previously classified. For example, includes dividends associated with redeemable preferred stock of a subsidiary that is treated as a liability in the parent's consolidated balance sheet.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4D -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624177-113959
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 225 -Section S99 -Paragraph 1 -Subparagraph -4 -URI http://asc.fasb.org/extlink&oid=6879574&loc=d3e536633-122882
+ Details
Name: |
us-gaap_InterestExpenseOther |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount 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.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 24 -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3521-108585
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3574-108585
+ Details
Name: |
us-gaap_NetCashProvidedByUsedInFinancingActivities |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount 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.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 24 -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3521-108585
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3574-108585
+ Details
Name: |
us-gaap_NetCashProvidedByUsedInInvestingActivities |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount 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.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 24 -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3521-108585
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3536-108585
+ Details
Name: |
us-gaap_NetCashProvidedByUsedInOperatingActivities |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Net Income -URI http://asc.fasb.org/extlink&oid=51831255
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 225 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04.19) -URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257
Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.18) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688
Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 225 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04.22) -URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913
Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Other Comprehensive Income -URI http://asc.fasb.org/extlink&oid=51831270
Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 19 -Article 5
Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph 20 -Article 9
+ Details
Name: |
us-gaap_NetIncomeLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe value of notes retired (or transferred to another entity) in noncash investing or financing transactions.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6367179&loc=d3e4304-108586
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6367179&loc=d3e4313-108586
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6367179&loc=d3e4332-108586
+ Details
Name: |
us-gaap_NotesReduction |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionOther income or gains included in net income that result in no cash inflows or outflows in the period and are not separately disclosed.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585
+ Details
Name: |
us-gaap_OtherNoncashIncome |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe cash outflow for acquisition of land for use; excludes purchases of land held as inventory or as investments.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 13 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3213-108585
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Investing Activities -URI http://asc.fasb.org/extlink&oid=6516133
+ Details
Name: |
us-gaap_PaymentsToAcquireLandHeldForUse |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe 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.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Investing Activities -URI http://asc.fasb.org/extlink&oid=6516133
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 13 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3213-108585
+ Details
Name: |
us-gaap_PaymentsToAcquirePropertyPlantAndEquipment |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe cash outflow for the purchase of a facility and equipment that provides water supply which includes wells, reservoirs, pumping stations, and control facilities; and waste water systems which includes the waste treatment and disposal facility and equipment to households and industry.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Investing Activities -URI http://asc.fasb.org/extlink&oid=6516133
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 13 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3213-108585
+ Details
Name: |
us-gaap_PaymentsToAcquireWaterAndWasteWaterSystems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe cash inflow from a borrowing supported by a written promise to pay an obligation.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 14 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3255-108585
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Financing Activities -URI http://asc.fasb.org/extlink&oid=6513228
+ Details
Name: |
us-gaap_ProceedsFromNotesPayable |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe cash inflow from the sale of land held for use; excludes sales of land held as inventory or investments.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 12 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3179-108585
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Investing Activities -URI http://asc.fasb.org/extlink&oid=6516133
+ Details
Name: |
us-gaap_ProceedsFromSaleOfLandHeldForUse |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe cash outflow for a borrowing supported by a written promise to pay an obligation.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Financing Activities -URI http://asc.fasb.org/extlink&oid=6513228
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 15 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3291-108585
+ Details
Name: |
us-gaap_RepaymentsOfNotesPayable |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe 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.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585
+ Details
Name: |
us-gaap_ShareBasedCompensation |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
v3.3.1.900
1. PRESENTATION OF INTERIM INFORMATION
|
3 Months Ended |
Nov. 30, 2015 |
Presentation Of Interim Information |
|
PRESENTATION OF INTERIM INFORMATION |
The November 30, 2015 consolidated
balance sheet, the consolidated statements of operations for the three months ended November 30, 2015 and 2014, respectively, the
consolidated statement of shareholders' equity for the three months ended November 30, 2015, and the consolidated statements of
cash flows for the three months ended November 30, 2015 and 2014, respectively, have been prepared by Pure Cycle Corporation (the
"Company") 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
November 30, 2015, and for all periods presented.
Certain information and footnote
disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the
United States of America ("GAAP") 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's 2015 Annual Report on Form 10-K
(the "2015 Annual Report") filed with the Securities and Exchange Commission (the "SEC") on November 9, 2015.
The results of operations for interim periods presented are not necessarily indicative of the operating results for the full fiscal
year. The August 31, 2015 balance sheet was taken from the Company's audited financial statements.
Use of Estimates
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.
Cash and Cash Equivalents
Cash and cash equivalents include
all highly liquid debt instruments with original maturities of three months or less. The Company's cash equivalents are comprised
entirely of money market funds maintained at a reputable financial institution. At various times during the three months ended
November 30, 2015, the Company's main operating account exceeded federally insured limits.
Financial Instruments
Concentration of Credit Risk and Fair Value
Financial instruments that potentially
subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents. The Company places its cash
equivalents with reputable financial institutions. The Company has historically invested its idle cash primarily in certificates
of deposit, money market instruments, commercial paper obligations, corporate bonds and U.S. government treasury obligations. To
date, the Company has not experienced significant losses on any of these investments.
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.
Cash and Cash Equivalents
The Company'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's operating and savings accounts. The carrying amount of cash
and cash equivalents approximate fair value.
Trade Accounts Receivable
The Company records accounts receivable net of allowances for uncollectible accounts.
Accounts Payable
The carrying amounts of accounts payable approximate fair value due to the relatively short period to maturity for these instruments.
Long-Term Financial Liabilities
The Comprehensive Amendment Agreement No. 1 (the "CAA") is comprised of a recorded balance and an off-balance
sheet or "contingent" obligation associated with the Company's acquisition of its "Rangeview Water Supply"
(defined in Note 4 Water and Land Assets to the 2015 Annual Report). The amount payable is a fixed amount but is
repayable only upon the sale of "Export Water" (defined in Note 4 Water and Land Assets to the 2015 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 Long-Term Obligations and Operating
Lease Participating Interests in Export Water Supply.
Note Receivable Related
Party The market value of the note receivable related party: Rangeview Metropolitan District (the "District")
is not practical to estimate due to the related party nature of the underlying transaction.
Off-Balance Sheet Instruments
The Company'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 Long-Term
Obligations and Operating Lease Participating Interests in Export Water Supply.
Revenue Recognition
Wholesale Water and Wastewater
Fees Monthly wholesale water usage charges are assessed to the Company's customers based on actual metered
usage each month plus a base monthly service fee. The Company recognizes wholesale water usage revenues upon delivering water to
its customers or its governmental customer's end-use customers, as applicable. The water revenues recognized by the Company are
shown gross of royalties to the State of Colorado Board of Land Commissioners (the "Land Board") and, when applicable,
amounts retained by the District. The Company recognized $56,800 and $491,800 of metered water usage revenues during the three
months ended November 30, 2015 and 2014, respectively.
The Company recognizes wastewater
treatment fees monthly based on usage. The monthly wastewater treatment fees are shown net of amounts retained by the District.
The Company recognized $10,300 and $11,700 of wastewater treatment fees during the three months ended November 30, 2015 and 2014,
respectively. Costs of delivering water and providing wastewater services to customers are recognized as incurred.
Tap and Construction Fees
The Company has various water and wastewater service agreements, a component of which may include tap and construction fees. The
Company recognizes water tap fees as revenue ratably over the estimated service period upon completion of the "Wholesale Facilities"
(defined in Part I, Item 1 of the 2015 Annual Report) constructed to provide service to Arapahoe County, Colorado (the "County").
The Company recognized $3,600 of water tap fee revenues during each of the three months ended November 30, 2015 and 2014. The water
tap fees to be recognized over this period are net of the royalty payments to the Land Board and amounts paid to third parties
pursuant to the CAA as further described in Note 4 Long-Term Obligations and Operating Lease below.
The Company recognized $10,400 of
"Special Facilities" (defined in Part I, Item 1 of the 2015 Annual Report) funding as revenue during each of the
three months ended November 30, 2015 and 2014. This is the ratable portion of the Special Facilities funding proceeds received
from water agreements as more fully described in Note 2 Summary of Significant Accounting Policies to the 2015 Annual
Report.
As of November 30, 2015, and August
31, 2015, the Company has deferred recognition of approximately $1,153,100 and $1,167,300, respectively, of water tap and construction
fee revenue from the County, which will be recognized as revenue ratably over the estimated useful accounting life of the assets
constructed with the construction proceeds as described above.
Agriculture Farming Operations
Prior to the sale of its Arkansas River water and land, the Company leased its Arkansas River water and land to
area farmers who actively farmed the properties. Pursuant to the terms of the purchase and sale agreement, the Company will continue
to manage and receive the lease income until December 31, 2015. Therefore, the farm revenues and expenses are presented within
operations for the three months ended November 30, 2015 and 2014, respectively. Pursuant to the farm lease agreements, the Company
bills the lessees semi-annually in March and November. The lease billings include minimum billings and adjustments based on actual
water deliveries by the Fort Lyon Canal Company ("FLCC") or are based on crop yields. The Company records farm lease
income ratably each month based on estimated annual lease income the Company anticipates collecting from its land and water leases.
The Company recorded these amounts as receivables, less an estimated allowance for uncollectible accounts. The allowance as
of August 31, 2015, was determined by the Company's specific review of all past due accounts. The Company has recorded allowances
for doubtful accounts totaling $26,300 for each of the periods ended November 30, 2015 and August 31, 2015. As of November 30,
2015 and August 31, 2015, the Company has accrued deferred revenue of $72,600 and $900, respectively, of farm income related to
billings for future periods. As of November 30, 2015 and August 31, 2015, the Company has accrued a receivable of $127,300
and $361,400, respectively, of farm income related to future billings and estimates of revenue the Company anticipates receiving
from crop share leases. The Company manages the farm lease business as a separate line of business from the wholesale water
and wastewater business.
Royalty and Other Obligations
Revenues from the sale of Export
Water are shown net of royalties payable to the Land Board. Revenues from the sale of water on the "Lowry Range" (described
in Note 4 Water and Land Assets in Part II, Item 8 of the 2015 Annual Report) are shown net of the royalties
to the Land Board and the amounts retained by the District.
Oil and Gas Lease Payments
As further described in Note 2
Summary of Significant Accounting Policies in Part II, Item 8 of the 2015 Annual Report, on March 10, 2011, the
Company entered into a Paid-Up Oil and Gas Lease (the "O&G Lease") and a Surface Use and Damage Agreement (the "Surface
Use Agreement") with Anadarko E&P Company, L.P. ("Anadarko"), a wholly owned subsidiary of Anadarko Petroleum
Company. In December 2012, the O&G Lease was purchased by a wholly owned subsidiary of ConocoPhillips Company. Pursuant to
the O&G Lease, during the year ended August 31, 2011, the Company received an up-front payment of $1,243,400 for the purpose
of exploring for, developing, producing and marketing oil and gas on approximately 634 acres of mineral estate owned by the Company
at its "Sky Ranch" property (described in Note 4 Water and Land Assets to the 2015 Annual Report). The
Company began recognizing the up-front payments as income on a straight-line basis over three years (the initial term of the O&G
Lease) on March 10, 2011. The Company received an additional payment of $1,243,400 during February 2014 to extend the O&G Lease
an additional two years through February 2016, which will be recognized as income on a straight-line basis over two years (the
extension term of the O&G Lease). During the fiscal year ended August 31, 2014, the Company received an up-front payment of
$72,000 for the purpose of exploring for, developing, producing, and marketing oil and gas on 40 acres of mineral estate the Company
owns adjacent to the Lowry Range (the "Rangeview Lease"). During each of the three months ended November 30, 2015 and
2014, the Company recognized $161,400 of lease income related to the up-front payments received pursuant to the O&G Lease and
the Rangeview Lease.
As of November 30, 2015 and August
31, 2015, the Company has deferred recognition of $218,300 and $379,800, respectively, of income related to the O&G Lease and
the Rangeview Lease, which will be recognized into income ratably through February 2016 and July 2017, respectively.
During the three months ended February
28, 2015, two wells were drilled within the Company's mineral interest. Beginning in March 2015, both wells were placed into service
and began producing oil and gas and accruing royalties to the Company. In May 2015, certain gas collection infrastructure was extended
to the property to allow the collection of gas from the wells and accrual of royalties attributable to gas production. During the
three months ended November 30, 2015, the Company received $122,100 in royalties attributable to these two wells.
Long-Lived Assets
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.
Capitalized Costs of Water
and Wastewater Systems and Depletion and Depreciation of Water Assets
Costs to construct water and wastewater
systems that meet the Company's capitalization criteria are capitalized as incurred, including interest, and depreciated on a straight-line
basis over their estimated useful lives of up to 30 years. The Company capitalizes design and construction costs related to construction
activities, and it capitalizes certain legal, engineering and permitting costs relating to the adjudication and improvement of
its water assets. 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.
Share-Based Compensation
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 $53,700 and $68,800 of share-based
compensation expense during the three months ended November 30, 2015 and 2014, respectively.
Income Taxes
The Company uses a "more-likely-than-not"
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 November 30, 2015.
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 2013
through fiscal year 2015. The Company does not believe there will be any material changes in its unrecognized tax positions over
the next 12 months.
The Company's policy is to recognize
interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. At November 30, 2015, 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 months ended November 30, 2015 or 2014.
Income (Loss) per Common Share
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
and warrants aggregating 312,100 and 315,100 common share equivalents were outstanding as of November 30, 2015 and 2014, respectively,
and have been included in the calculation of net income per common share but excluded from the calculation of loss per common share
as their effect is anti-dilutive.
Recently Issued Accounting Pronouncements
The Company continually assesses any
new accounting pronouncements to determine their applicability. When it is determined that a new accounting pronouncement affects
the Company's financial reporting, the Company undertakes a study to determine the consequence of the change to its consolidated
financial statements and ensure that there are proper controls in place to ascertain that the Company's consolidated financial
statements properly reflect the change. During the current period, there were no new accounting pronouncements issued that will
significantly impact the Company's financial reporting.
|
X |
- DefinitionThe entire disclosure for the basis of presentation and significant accounting policies concepts. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS). Accounting policies describe all significant accounting policies of the reporting entity.
+ References
+ Details
Name: |
us-gaap_BasisOfPresentationAndSignificantAccountingPoliciesTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
2. FAIR VALUE MEASUREMENTS
|
3 Months Ended |
Nov. 30, 2015 |
Fair Value Measurements |
|
FAIR VALUE MEASUREMENTS |
Fair value is defined as the price
that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at
the measurement date in the principal or most advantageous market. The Company uses a fair value hierarchy that has three levels
of inputs, both observable and unobservable, with use of the lowest possible level of input to determine fair value.
Level 1 Valuations for assets
and liabilities traded in active exchange markets, such as the NASDAQ Stock Market. The Company had one of these instruments as
of November 30, 2015 and August 31, 2015.
Level 2 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 no Level 2 assets or liabilities as of November 30, 2015 or August 31, 2015.
Level 3 Valuations for assets
and liabilities that are derived from other valuation methodologies, including discounted cash flow models and similar techniques,
and not based on market exchange, dealer, or broker-traded transactions. Level 3 valuations incorporate certain assumptions and
projections in determining the fair value assigned to such assets or liabilities. The Company had no Level 3 liability as of November
30, 2015 or August 31, 2015.
The Company maintains policies and
procedures to value instruments using what management believes to be the best and most relevant data available.
The Company's non-financial
assets measured at fair value on a non-recurring basis consist entirely of its investments in water and water systems, land
held for sale, and other long-lived assets. See Note 3 Water and Land Assets below.
|
X |
- References
+ Details
Name: |
pcyo_DisclosureFairValueMeasurementsAbstract |
Namespace Prefix: |
pcyo_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe 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.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13537-108611
Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 16 -URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13504-108611
Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13433-108611
+ Details
Name: |
us-gaap_FairValueDisclosuresTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
3. WATER AND LAND ASSETS
|
3 Months Ended |
Nov. 30, 2015 |
Investments In Water Water Systems Land And Improvements |
|
WATER AND LAND ASSETS |
The Company's water rights and current
water and wastewater service agreements are more fully described in Note 4 Water and Land Assets in Part II,
Item 8 of the 2015 Annual Report. There have been no significant changes to the Company's water rights or water and wastewater
service agreements during the three months ended November 30, 2015.
The Company's Investments in Water
and Water Systems consist of the following costs and accumulated depreciation and depletion at November 30, 2015 and August 31,
2015:
|
|
November 30, 2015 |
|
|
August 31, 2015 |
|
|
|
Costs |
|
|
Accumulated Depreciation and Depletion |
|
|
Costs |
|
|
Accumulated Depreciation and Depletion |
|
Rangeview water supply |
|
$ |
14,444,600 |
|
|
$ |
(9,000 |
) |
|
$ |
14,444,600 |
|
|
$ |
(8,800 |
) |
Sky Ranch water rights and other costs |
|
|
6,440,800 |
|
|
|
(219,000 |
) |
|
|
6,440,800 |
|
|
|
(194,600 |
) |
Fairgrounds water and water system |
|
|
2,899,900 |
|
|
|
(820,700 |
) |
|
|
2,899,900 |
|
|
|
(798,700 |
) |
Rangeview water system |
|
|
1,256,300 |
|
|
|
(120,700 |
) |
|
|
1,256,300 |
|
|
|
(110,300 |
) |
Water supply other |
|
|
3,995,700 |
|
|
|
(220,000 |
) |
|
|
3,973,300 |
|
|
|
(193,900 |
) |
Totals |
|
|
29,037,300 |
|
|
|
(1,389,400 |
) |
|
|
29,014,900 |
|
|
|
(1,306,300 |
) |
Net investments in water and water systems |
|
$ |
27,647,900 |
|
|
|
|
|
|
$ |
27,708,600 |
|
|
|
|
|
Capitalized terms in this section
not defined herein are defined in Note 4 Water and Land Assets to the 2015 Annual Report.
Depletion and Depreciation.
The Company recorded depletion charges of $100 and $2,500 during the three months ended November 30, 2015 and 2014, respectively.
During the three months ended November 30, 2015, this related entirely to the Rangeview Water Supply, and during the three months
ended November 30, 2014, this related to the Rangeview Water Supply and Sky Ranch water assets.
The Company recorded $94,500
and $76,400 of depreciation expense during the three months ended November 30, 2015 and 2014, respectively.
Land Held for Sale. During the fiscal quarter
ended November 30, 2015 the Company purchased three farms for approximately $443,600. The Company acquired a total of 700 acres.
The farms were acquired in order to correct dry-up covenant issues related to water only farms in order obtain the release of the
escrow funds related to the Company's farm sale to Arkansas River Farms, LLC. The Company intends to sell the farms within the
next fiscal year.
|
X |
- References
+ Details
Name: |
pcyo_InvestmentsInWaterWaterSystemsLandAndImprovementsAbstract |
Namespace Prefix: |
pcyo_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.13-14) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=51717284&loc=d3e1361-107760
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=51719941&loc=d3e2921-110230
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229
+ Details
Name: |
us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
4. LONG-TERM OBLIGATIONS AND OPERATING LEASE
|
3 Months Ended |
Nov. 30, 2015 |
Long-Term Obligations And Operating Lease |
|
LONG-TERM OBLIGATIONS AND OPERATING LEASE |
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.
Participating Interests in
Export Water Supply
The Company acquired its Rangeview
Water Supply through various amended agreements entered into in the early 1990s. The acquisition was consummated with the signing
of the CAA in 1996. Upon entering into the CAA, the Company recorded an initial liability of $11.1 million, which represented the
cash the Company received from the participating interest holders that was used to purchase the Company's Export Water (described
in greater detail in Note 4 Water and Land Assets to the 2015 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'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.
The CAA obligation is non-interest
bearing, and if the Export Water is not sold, the parties to the CAA have no recourse against the Company. If the Company does
not sell the Export Water, the holders of the Series B Preferred Stock are also not entitled to payment of any dividend and have
no contractual recourse against the Company.
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 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.
From time to time, the Company repurchased
various portions of the CAA obligations retaining their original priority, and in 2014, the Land Board relinquished its CAA interest
to the Company. The Company did not make any CAA acquisitions during the three months ended November 30, 2015 or 2014.
As a result of the acquisitions,
the relinquishment by the Land Board, and the sale of Export Water, as detailed in the table below, the remaining potential third-party
obligation at November 30, 2015, is approximately $1 million, and the Company has the right to approximately $29.8 million:
|
|
Export Water Proceeds Received |
|
|
Initial Export Water Proceeds to Pure Cycle |
|
|
Total Potential Third-Party Obligation |
|
|
Paticipating Interests Liability |
|
|
Contingency |
|
Original balances |
|
$ |
|
|
|
$ |
218,500 |
|
|
$ |
31,807,700 |
|
|
$ |
11,090,600 |
|
|
$ |
20,717,100 |
|
Activity from inception until August 31, 2015: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
569,200 |
|
|
|
(445,800 |
) |
|
|
(123,400 |
) |
|
|
(42,900 |
) |
|
|
(80,500 |
) |
Balance at August 31, 2015 |
|
|
1,212,600 |
|
|
|
29,786,200 |
|
|
|
1,027,400 |
|
|
|
346,000 |
|
|
|
681,400 |
|
Fiscal 2016 activity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Export Water sale payments |
|
|
11,900 |
|
|
|
(10,400 |
) |
|
|
(1,500 |
) |
|
|
(500 |
) |
|
|
(1,000 |
) |
Balance at November 30, 2015 |
|
$ |
1,224,500 |
|
|
$ |
29,775,800 |
|
|
$ |
1,025,900 |
|
|
$ |
345,500 |
|
|
$ |
680,400 |
|
* The Arapahoe County tap fees
are net of $34,522 in royalties paid to the Land Board.
The CAA includes contractually established
priorities that call for payments to CAA holders in order of their priority. This means the first payees receive their full payment
before the next priority level receives any payment and so on until full repayment. The Company will receive approximately $6 million
of the first priority payout (the remaining entire first priority payout totals approximately $6.8 million as of November 30, 2015).
WISE Partnership
During December 2014, the Company,
through the District, consented to the waiver of all contingencies set forth in the Amended and Restated WISE Partnership
Water Delivery Agreement, dated December 31, 2013 (the "WISE Partnership Agreement"), among the City and County of Denver
acting through its Board of Water Commissioners ("Denver Water"), the City of Aurora acting by and through its Utility
Enterprise ("Aurora Water"), and the South Metro WISE Authority ("SMWA"). The SMWA was formed by the District
and nine other governmental or quasi-governmental water providers pursuant to the South Metro WISE Authority Formation and Organizational
Intergovernmental Agreement, dated December 31, 2013 (the "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. The SM IGA specifies each member's pro rata share of WISE and the members' 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.
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 "WISE Financing Agreement") between the Company and the District, the Company has an agreement to fund
the District's participation in WISE effective as of December 22, 2014. The Company's cost of funding the District's purchase of
its share of existing infrastructure and future infrastructure for WISE is projected to be approximately $5.8 million over the
next five years. See further discussion in Note 6 Related Party Transactions.
Operating Lease
Effective January 2015, the Company
entered into an operating lease for approximately 2,500 square feet of office and warehouse space. The lease has a one-year term
with payments of $3,000 per month. After the end of the fiscal quarter ended November 30, 2015, the Company renewed the operating
lease for an additional one-year term with payments of $3,000 per month.
|
X |
- References
+ Details
Name: |
pcyo_DisclosureLongtermObligationsAndOperatingLeaseAbstract |
Namespace Prefix: |
pcyo_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe entire disclosure for debt and capital lease obligations can be reported. Information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Also includes descriptions and amounts of capital leasing arrangements that consist of direct financing, sales type and leveraged leases. Disclosure may include the effect on the balance sheet and the income statement resulting from a change in lease classification for leases that at inception would have been classified differently had guidance been in effect at the inception of the original lease.
+ References
+ Details
Name: |
us-gaap_DebtAndCapitalLeasesDisclosuresTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
5. SHAREHOLDERS' EQUITY
|
3 Months Ended |
Nov. 30, 2015 |
Shareholders Equity |
|
SHAREHOLDERS' EQUITY |
The Company maintains the 2014 Equity
Incentive Plan (the "2014 Equity Plan"), which was approved by shareholders in January 2014 and became effective April
12, 2014. Executives, eligible employees, consultants and non-employee directors are eligible to receive options and stock grants
pursuant to the 2014 Equity Plan. Pursuant to the 2014 Equity Plan, options to purchase shares of stock and restricted stock awards
can be granted with exercise prices, vesting conditions and other performance criteria determined by the Compensation Committee
of the board 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 during 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 "2004 Incentive Plan"),
which expired April 11, 2014. No additional awards may be granted pursuant to the 2004 Incentive Plan; however, awards outstanding
as of April 11, 2014, will continue to vest and expire and may be exercised in accordance with the terms of the 2004 Incentive
Plan.
The following table summarizes the
combined stock option activity for the 2004 Incentive Plan and 2014 Equity Plan for the three months ended November 30, 2015:
|
|
Number of Options |
|
|
Weighted-Average Exercise Price |
|
|
Weighted-Average Remaining Contractual Term |
|
|
Approximate Aggregate Instrinsic Value |
|
Oustanding at beginning of period |
|
|
312,000 |
|
|
$ |
6.61 |
|
|
|
|
|
|
|
Granted |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
Exercised |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
Forfeited or expired |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
Outstanding at November 30, 2015 |
|
|
312,000 |
|
|
$ |
6.61 |
|
|
|
5.93 |
|
|
$ |
266,720 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options exercisable at November 30, 2015 |
|
|
252,667 |
|
|
$ |
5.09 |
|
|
|
5.37 |
|
|
$ |
243,320 |
|
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 three months
ended November 30, 2015:
|
|
Number of Options |
|
|
Weighted-Average Grant Date Fair Value |
|
Non-vested options oustanding at beginning of period |
|
|
59,333 |
|
|
$ |
4.59 |
|
Granted |
|
|
- |
|
|
|
- |
|
Vested |
|
|
- |
|
|
|
- |
|
Forfeited |
|
|
- |
|
|
|
- |
|
Non-vested options outstanding at November 30, 2015 |
|
|
59,333 |
|
|
$ |
4.59 |
|
All non-vested options are expected
to vest.
Stock-based compensation expense
was $53,700 and $68,800 for the three months ended November 30, 2015 and 2014, respectively.
At November 30, 2015, the Company
had unrecognized expenses relating to non-vested options that are expected to vest totaling $113,500, which options have a weighted
average life of less than three years. The Company has not recorded any excess tax benefits to additional paid-in capital.
|
X |
- References
+ Details
Name: |
pcyo_DisclosureShareholdersEquityAbstract |
Namespace Prefix: |
pcyo_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(d),(e)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 4.E) -URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74512-122707
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644
Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.29-31) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 4 -Subparagraph (SAB TOPIC 4.C) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770
Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644
Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770
Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656
Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644
Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Preferred Stock -URI http://asc.fasb.org/extlink&oid=6521494
Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644
Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644
Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section E
Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section C
+ Details
Name: |
us-gaap_StockholdersEquityNoteDisclosureTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
6. RELATED PARTY TRANSACTIONS
|
3 Months Ended |
Nov. 30, 2015 |
Related Party Transactions |
|
RELATED PARTY TRANSACTIONS |
On December 16, 2009, the Company
entered into a Participation Agreement with the District, whereby the Company agreed to provide funding to the District in connection
with the District joining the South Metro Water Supply Authority ("SMWSA"). On November 10, 2014, the Company and the
District entered into the WISE Financing Agreement, whereby the Company agreed to fund the District's cost of participating in
a regional water supply project known as the WISE partnership. The Company anticipates investing approximately $1.2 million per
year for the next five years for additional payments for the water transmission line and additional facilities, water and related
assets for the WISE project.
In 1995, the Company extended a loan
to the District, a related party. The loan provided for borrowings of up to $250,000, is unsecured, bears interest based on the
prevailing prime rate plus 2% (5.25% at November 30, 2015) and was scheduled to mature on December 31, 2014. The Company extended
the maturity date of the loan to December 31, 2020. Beginning in January 2014, the District and the Company entered into a funding
agreement that allows the Company to continue to provide funding to the District for day-to-day operations and accrue the funding
into a note that bears interest at a rate of 8% per annum and remains in full force and effect for so long as the 2014 Amended
and Restated Lease Agreement remains in effect. The $594,400 balance of the note receivable at November 30, 2015, includes
borrowings of $237,000 and accrued interest of $357,400.
|
X |
- DefinitionThe 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.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39603-107864
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39622-107864
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39678-107864
Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39691-107864
Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(k)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690
Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph b -Article 3A
+ Details
Name: |
us-gaap_RelatedPartyTransactionsDisclosureTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
7. SIGNIFICANT CUSTOMERS
|
3 Months Ended |
Nov. 30, 2015 |
Significant Customers |
|
SIGNIFICANT CUSTOMERS |
The Company sells wholesale water
and wastewater services to the District pursuant to the Rangeview Water Agreements (defined in Note 4 Water and Land
Assets to the 2015 Annual Report). Sales to the District accounted for 70% and 9% of the Company's total water and wastewater
revenues for the three months ended November 30, 2015 and 2014, respectively. The District has one significant customer. Pursuant
to the Rangeview Water Agreements, the Company is providing water and wastewater services to this customer on behalf of the District.
The District's significant customer accounted for 61% and 7% of the Company's total water and wastewater revenues for the
three months ended November 30, 2015 and 2014, respectively.
Revenues related to the provision of water for the oil and gas industry to one customer accounted for 88% of the Company's
water and wastewater revenues for the three months ended November 30, 2014. The Company had no revenues related to the provision
of water for the oil and gas industry for the three months ended November 30, 2015
The Company had accounts receivable
from the District which accounted for 9% and 11% of the Company's trade receivables balances at November 30, 2015 and August 31,
2015, respectively. Accounts receivable from the District's largest customer accounted for 8% and 10% of the Company's trade receivables
as of November 30, 2015 and August 31, 2015, respectively.
|
X |
- References
+ Details
Name: |
pcyo_DisclosureSignificantCustomersAbstract |
Namespace Prefix: |
pcyo_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe 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.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -SubTopic 10 -Section 50 -Paragraph 16 -URI http://asc.fasb.org/extlink&oid=51801978&loc=d3e6327-108592
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 20 -URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13531-108611
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -SubTopic 10 -Section 50 -Paragraph 20 -URI http://asc.fasb.org/extlink&oid=51801978&loc=d3e6404-108592
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=51801978&loc=d3e6442-108592
Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -SubTopic 10 -Section 50 -Paragraph 18 -URI http://asc.fasb.org/extlink&oid=51801978&loc=d3e6351-108592
Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13537-108611
+ Details
Name: |
us-gaap_ConcentrationRiskDisclosureTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
8. ACCRUED LIABILITIES
|
3 Months Ended |
Nov. 30, 2015 |
Accrued Liabilities |
|
ACCRUED LIABILITIES |
At November 30, 2015, the Company
had accrued liabilities of $194,200, of which $131,400 was for estimated property taxes, $18,100 was for professional fees, and
$44,700 was for operating payables.
At August 31, 2015, the Company had
accrued liabilities of $590,500, of which $400,000 was for accrued compensation, $95,500 was for estimated property taxes, $52,500
was for professional fees and the remaining $42,500 was related to operating payables.
|
X |
- References
+ Details
Name: |
pcyo_DisclosureAccruedLiabilitiesAbstract |
Namespace Prefix: |
pcyo_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe entire disclosure for accounts payable and accrued liabilities at the end of the reporting period.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(a),20,24) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details
Name: |
us-gaap_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
9. LITIGATION LOSS CONTINGENCIES
|
3 Months Ended |
Nov. 30, 2015 |
Litigation Loss Contingencies |
|
LITIGATION LOSS CONTINGENCIES |
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's financial position, results of operations
or cash flows.
|
X |
- References
+ Details
Name: |
pcyo_DisclosureLitigationLossContingenciesAbstract |
Namespace Prefix: |
pcyo_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe entire disclosure for legal proceedings, legal contingencies, litigation, regulatory and environmental matters and other contingencies.
+ References
+ Details
Name: |
us-gaap_LegalMattersAndContingenciesTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
10. SEGMENT INFORMATION
|
3 Months Ended |
Nov. 30, 2015 |
Segment Information |
|
SEGMENT INFORMATION |
The Company operates primarily in
two lines of business: (i) the wholesale water and wastewater business; and (ii) the agricultural farming business. The Company
provides wholesale water and wastewater services to customers using water rights owned by the Company and develops infrastructure
to divert, treat and distribute that water and collect, treat and reuse wastewater. The Company's agricultural business consists
of the Company leasing its Arkansas River Valley land and water to area farmers under cash leases or in certain cases crop share
leases. The following tables show information by operating segment for the three months ended November 30, 2015 and 2014:
Three Months Ended November 30, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business segments |
|
|
|
|
|
|
|
|
|
Wholesale |
|
|
|
|
|
|
|
|
|
|
|
|
Water and |
|
|
|
|
|
|
|
|
|
|
|
|
Wastewater |
|
|
Agricultural |
|
|
All Other |
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
67,100 |
|
|
$ |
212,200 |
|
|
$ |
58,800 |
|
|
$ |
338,100 |
|
Gross profit |
|
|
(49,000 |
) |
|
|
196,600 |
|
|
|
43,000 |
|
|
|
190,600 |
|
Depreciation |
|
|
94,600 |
|
|
|
- |
|
|
|
- |
|
|
|
94,600 |
|
Other significant noncash items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
|
- |
|
|
|
- |
|
|
|
53,700 |
|
|
|
53,700 |
|
Segment assets |
|
|
28,892,800 |
|
|
|
6,208,300 |
|
|
|
37,071,100 |
|
|
|
72,172,200 |
|
Expenditures for segment assets |
|
|
271,200 |
|
|
|
- |
|
|
|
2,800 |
|
|
|
274,000 |
|
Three Months Ended November 30, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business segments |
|
|
|
|
|
|
|
|
|
Wholesale |
|
|
|
|
|
|
|
|
|
|
|
|
Water and |
|
|
|
|
|
|
|
|
|
|
|
|
Wastewater |
|
|
Agricultural |
|
|
All Other |
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
503,500 |
|
|
$ |
263,800 |
|
|
$ |
66,500 |
|
|
$ |
833,800 |
|
Gross profit |
|
|
316,900 |
|
|
|
237,300 |
|
|
|
56,400 |
|
|
|
610,600 |
|
Depreciation |
|
|
78,900 |
|
|
|
- |
|
|
|
- |
|
|
|
78,900 |
|
Other significant noncash items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
|
- |
|
|
|
- |
|
|
|
68,800 |
|
|
|
68,800 |
|
TPF interest expense |
|
|
23,800 |
|
|
|
- |
|
|
|
- |
|
|
|
23,800 |
|
Segment assets |
|
|
98,358,500 |
|
|
|
7,561,200 |
|
|
|
2,152,300 |
|
|
|
108,072,000 |
|
Expenditures for segment assets |
|
|
1,151,400 |
|
|
|
2,900 |
|
|
|
- |
|
|
|
1,154,300 |
|
|
X |
- DefinitionThe 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.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8981-108599
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9038-108599
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8971-108599
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8595-108599
Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8380-108599
Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8933-108599
Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8844-108599
Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8984-108599
Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9031-108599
Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9054-108599
Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8538-108599
Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8864-108599
Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8924-108599
Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8906-108599
+ Details
Name: |
us-gaap_SegmentReportingDisclosureTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
11. SUBSEQUENT EVENTS
|
3 Months Ended |
Nov. 30, 2015 |
Subsequent Events |
|
SUBSEQUENT EVENTS |
After the Company's quarter ended
November 30, 2015, the Company received the $1,342,300 escrow receivable related to the farm sale.
|
X |
- References
+ Details
Name: |
pcyo_DisclosureSubsequentEventsAbstract |
Namespace Prefix: |
pcyo_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
+ References
+ Details
Name: |
us-gaap_SubsequentEventsTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
1. PRESENTATION OF INTERIM INFORMATION (Policies)
|
3 Months Ended |
Nov. 30, 2015 |
Presentation Of Interim Information Policies |
|
Use of Estimates |
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.
|
Cash and Cash Equivalents |
Cash and cash equivalents include
all highly liquid debt instruments with original maturities of three months or less. The Company's cash equivalents are comprised
entirely of money market funds maintained at a reputable financial institution. At various times during the three months ended
November 30, 2015, the Company's main operating account exceeded federally insured limits.
|
Financial Instruments - Concentration of Credit Risk and Fair Value |
Financial instruments that potentially
subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents. The Company places its cash
equivalents with reputable financial institutions. The Company has historically invested its idle cash primarily in certificates
of deposit, money market instruments, commercial paper obligations, corporate bonds and U.S. government treasury obligations. To
date, the Company has not experienced significant losses on any of these investments.
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.
Cash and Cash Equivalents
The Company'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's operating and savings accounts. The carrying amount of cash
and cash equivalents approximate fair value.
Trade Accounts Receivable
The Company records accounts receivable net of allowances for uncollectible accounts.
Accounts Payable
The carrying amounts of accounts payable approximate fair value due to the relatively short period to maturity for these instruments.
Long-Term Financial Liabilities
The Comprehensive Amendment Agreement No. 1 (the "CAA") is comprised of a recorded balance and an off-balance
sheet or "contingent" obligation associated with the Company's acquisition of its "Rangeview Water Supply"
(defined in Note 4 Water and Land Assets to the 2015 Annual Report). The amount payable is a fixed amount but is
repayable only upon the sale of "Export Water" (defined in Note 4 Water and Land Assets to the 2015 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 Long-Term Obligations and Operating
Lease Participating Interests in Export Water Supply.
Note Receivable Related
Party The market value of the note receivable related party: Rangeview Metropolitan District (the "District")
is not practical to estimate due to the related party nature of the underlying transaction.
Off-Balance Sheet Instruments
The Company'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 Long-Term
Obligations and Operating Lease Participating Interests in Export Water Supply.
|
Revenue Recognition |
Wholesale Water and Wastewater
Fees Monthly wholesale water usage charges are assessed to the Company's customers based on actual metered
usage each month plus a base monthly service fee. The Company recognizes wholesale water usage revenues upon delivering water to
its customers or its governmental customer's end-use customers, as applicable. The water revenues recognized by the Company are
shown gross of royalties to the State of Colorado Board of Land Commissioners (the "Land Board") and, when applicable,
amounts retained by the District. The Company recognized $56,800 and $491,800 of metered water usage revenues during the three
months ended November 30, 2015 and 2014, respectively.
The Company recognizes wastewater
treatment fees monthly based on usage. The monthly wastewater treatment fees are shown net of amounts retained by the District.
The Company recognized $10,300 and $11,700 of wastewater treatment fees during the three months ended November 30, 2015 and 2014,
respectively. Costs of delivering water and providing wastewater services to customers are recognized as incurred.
Tap and Construction Fees
The Company has various water and wastewater service agreements, a component of which may include tap and construction fees. The
Company recognizes water tap fees as revenue ratably over the estimated service period upon completion of the "Wholesale Facilities"
(defined in Part I, Item 1 of the 2015 Annual Report) constructed to provide service to Arapahoe County, Colorado (the "County").
The Company recognized $3,600 of water tap fee revenues during each of the three months ended November 30, 2015 and 2014. The water
tap fees to be recognized over this period are net of the royalty payments to the Land Board and amounts paid to third parties
pursuant to the CAA as further described in Note 4 Long-Term Obligations and Operating Lease below.
The Company recognized $10,400 of
"Special Facilities" (defined in Part I, Item 1 of the 2015 Annual Report) funding as revenue during each of the
three months ended November 30, 2015 and 2014. This is the ratable portion of the Special Facilities funding proceeds received
from water agreements as more fully described in Note 2 Summary of Significant Accounting Policies to the 2015 Annual
Report.
As of November 30, 2015, and August
31, 2015, the Company has deferred recognition of approximately $1,153,100 and $1,167,300, respectively, of water tap and construction
fee revenue from the County, which will be recognized as revenue ratably over the estimated useful accounting life of the assets
constructed with the construction proceeds as described above.
Agriculture Farming Operations
Prior to the sale of its Arkansas River water and land, the Company leased its Arkansas River water and land to
area farmers who actively farmed the properties. Pursuant to the terms of the purchase and sale agreement, the Company will continue
to manage and receive the lease income until December 31, 2015. Therefore, the farm revenues and expenses are presented within
operations for the three months ended November 30, 2015 and 2014, respectively. Pursuant to the farm lease agreements, the Company
bills the lessees semi-annually in March and November. The lease billings include minimum billings and adjustments based on actual
water deliveries by the Fort Lyon Canal Company ("FLCC") or are based on crop yields. The Company records farm lease
income ratably each month based on estimated annual lease income the Company anticipates collecting from its land and water leases.
The Company recorded these amounts as receivables, less an estimated allowance for uncollectible accounts. The allowance as
of August 31, 2015, was determined by the Company's specific review of all past due accounts. The Company has recorded allowances
for doubtful accounts totaling $26,300 for each of the periods ended November 30, 2015 and August 31, 2015. As of November 30,
2015 and August 31, 2015, the Company has accrued deferred revenue of $72,600 and $900, respectively, of farm income related to
billings for future periods. As of November 30, 2015 and August 31, 2015, the Company has accrued a receivable of $127,300
and $361,400, respectively, of farm income related to future billings and estimates of revenue the Company anticipates receiving
from crop share leases. The Company manages the farm lease business as a separate line of business from the wholesale water
and wastewater business.
|
Royalty and Other Obligations |
Revenues from the sale of Export
Water are shown net of royalties payable to the Land Board. Revenues from the sale of water on the "Lowry Range" (described
in Note 4 Water and Land Assets in Part II, Item 8 of the 2015 Annual Report) are shown net of the royalties
to the Land Board and the amounts retained by the District.
|
Oil and Gas Lease Payments |
As further described in Note 2
Summary of Significant Accounting Policies in Part II, Item 8 of the 2015 Annual Report, on March 10, 2011, the
Company entered into a Paid-Up Oil and Gas Lease (the "O&G Lease") and a Surface Use and Damage Agreement (the "Surface
Use Agreement") with Anadarko E&P Company, L.P. ("Anadarko"), a wholly owned subsidiary of Anadarko Petroleum
Company. In December 2012, the O&G Lease was purchased by a wholly owned subsidiary of ConocoPhillips Company. Pursuant to
the O&G Lease, during the year ended August 31, 2011, the Company received an up-front payment of $1,243,400 for the purpose
of exploring for, developing, producing and marketing oil and gas on approximately 634 acres of mineral estate owned by the Company
at its "Sky Ranch" property (described in Note 4 Water and Land Assets to the 2015 Annual Report). The
Company began recognizing the up-front payments as income on a straight-line basis over three years (the initial term of the O&G
Lease) on March 10, 2011. The Company received an additional payment of $1,243,400 during February 2014 to extend the O&G Lease
an additional two years through February 2016, which will be recognized as income on a straight-line basis over two years (the
extension term of the O&G Lease). During the fiscal year ended August 31, 2014, the Company received an up-front payment of
$72,000 for the purpose of exploring for, developing, producing, and marketing oil and gas on 40 acres of mineral estate the Company
owns adjacent to the Lowry Range (the "Rangeview Lease"). During each of the three months ended November 30, 2015 and
2014, the Company recognized $161,400 of lease income related to the up-front payments received pursuant to the O&G Lease and
the Rangeview Lease.
As of November 30, 2015 and August
31, 2015, the Company has deferred recognition of $218,300 and $379,800, respectively, of income related to the O&G Lease and
the Rangeview Lease, which will be recognized into income ratably through February 2016 and July 2017, respectively.
During the three months ended February
28, 2015, two wells were drilled within the Company's mineral interest. Beginning in March 2015, both wells were placed into service
and began producing oil and gas and accruing royalties to the Company. In May 2015, certain gas collection infrastructure was extended
to the property to allow the collection of gas from the wells and accrual of royalties attributable to gas production. During the
three months ended November 30, 2015, the Company received $122,100 in royalties attributable to these two wells.
|
Long-Lived Assets |
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.
|
Capitalized Costs of Water and Wastewater Systems and Depletion and Depreciation of Water Assets |
Costs to construct water and wastewater
systems that meet the Company's capitalization criteria are capitalized as incurred, including interest, and depreciated on a straight-line
basis over their estimated useful lives of up to 30 years. The Company capitalizes design and construction costs related to construction
activities, and it capitalizes certain legal, engineering and permitting costs relating to the adjudication and improvement of
its water assets. 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.
|
Share-based Compensation |
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 $53,700 and $68,800 of share-based
compensation expense during the three months ended November 30, 2015 and 2014, respectively.
|
Income taxes |
The Company uses a "more-likely-than-not"
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 November 30, 2015.
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 2013
through fiscal year 2015. The Company does not believe there will be any material changes in its unrecognized tax positions over
the next 12 months.
The Company's policy is to recognize
interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. At November 30, 2015, 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 months ended November 30, 2015 or 2014.
|
Income (Loss) per Common Share |
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
and warrants aggregating 312,100 and 315,100 common share equivalents were outstanding as of November 30, 2015 and 2014, respectively,
and have been included in the calculation of net income per common share but excluded from the calculation of loss per common share
as their effect is anti-dilutive.
|
Recently Issued Accounting Pronouncements |
The Company continually assesses any
new accounting pronouncements to determine their applicability. When it is determined that a new accounting pronouncement affects
the Company's financial reporting, the Company undertakes a study to determine the consequence of the change to its consolidated
financial statements and ensure that there are proper controls in place to ascertain that the Company's consolidated financial
statements properly reflect the change. During the current period, there were no new accounting pronouncements issued that will
significantly impact the Company's financial reporting.
|
X |
- References
+ Details
Name: |
pcyo_CapitalizedCostsOfWaterAndWastewaterSystemsAndDepletionAndDepreciationOfWaterAssetsPolicy |
Namespace Prefix: |
pcyo_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
pcyo_OilAndGasLeasePaymentsPolicyTextblock |
Namespace Prefix: |
pcyo_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
pcyo_RoyaltyAndOtherObligationsPolicyTextblock |
Namespace Prefix: |
pcyo_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure 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.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 305 -SubTopic 10 -Section 05 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6375392&loc=d3e26790-107797
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6367179&loc=d3e4273-108586
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Cash -URI http://asc.fasb.org/extlink&oid=6506951
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=51655414&loc=d3e18780-107790
Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Cash Equivalents -URI http://asc.fasb.org/extlink&oid=6507016
Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Financial Reporting Release (FRR) -Number 203 -Paragraph 02-03
Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 1 -Article 5
+ Details
Name: |
us-gaap_CashAndCashEquivalentsPolicyTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure 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.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3630-109257
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=51655414&loc=d3e18780-107790
+ Details
Name: |
us-gaap_EarningsPerSharePolicyTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for determining the fair value of financial instruments.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=51655414&loc=d3e18780-107790
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13279-108611
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 60 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=7493716&loc=d3e21868-110260
+ Details
Name: |
us-gaap_FairValueOfFinancialInstrumentsPolicy |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for the impairment and disposal of long-lived assets including goodwill and other intangible assets.
+ References
+ Details
Name: |
us-gaap_ImpairmentOrDisposalOfLongLivedAssetsIncludingIntangibleAssetsPolicyPolicyTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure 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.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=51655414&loc=d3e18780-107790
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32840-109319
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 05 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6423966&loc=d3e40913-109327
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 954 -SubTopic 740 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6491622&loc=d3e9504-115650
Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32809-109319
Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 45 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=37586315&loc=d3e32247-109318
Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 45 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=37586315&loc=d3e32280-109318
+ Details
Name: |
us-gaap_IncomeTaxPolicyTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure 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.
+ References
+ Details
Name: |
us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for revenue recognition. If the entity has different policies for different types of revenue transactions, the policy for each material type of transaction is generally disclosed. If a sales transaction has multiple element arrangements (for example, delivery of multiple products, services or the rights to use assets) the disclosure may indicate the accounting policy for each unit of accounting as well as how units of accounting are determined and valued. The disclosure may encompass important judgment as to appropriateness of principles related to recognition of revenue. The disclosure also may indicate the entity's treatment of any unearned or deferred revenue that arises from the transaction.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=51655414&loc=d3e18823-107790
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=51655414&loc=d3e18780-107790
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=51655414&loc=d3e18726-107790
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 605 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 13.B.Q1) -URI http://asc.fasb.org/extlink&oid=27012821&loc=d3e214044-122780
Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 13 -Section B -Paragraph Question 1
+ Details
Name: |
us-gaap_RevenueRecognitionPolicyTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure 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.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=51655414&loc=d3e18780-107790
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b),(f) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
+ Details
Name: |
us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=51801978&loc=d3e6061-108592
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=51801978&loc=d3e6143-108592
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=51801978&loc=d3e6132-108592
+ Details
Name: |
us-gaap_UseOfEstimates |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
3. WATER AND LAND ASSETS (Tables)
|
3 Months Ended |
Nov. 30, 2015 |
Investments In Water Water Systems Land And Improvements Tables |
|
Schedule of water and water systems |
|
|
November 30, 2015 |
|
|
August 31, 2015 |
|
|
|
Costs |
|
|
Accumulated Depreciation and Depletion |
|
|
Costs |
|
|
Accumulated Depreciation and Depletion |
|
Rangeview water supply |
|
$ |
14,444,600 |
|
|
$ |
(9,000 |
) |
|
$ |
14,444,600 |
|
|
$ |
(8,800 |
) |
Sky Ranch water rights and other costs |
|
|
6,440,800 |
|
|
|
(219,000 |
) |
|
|
6,440,800 |
|
|
|
(194,600 |
) |
Fairgrounds water and water system |
|
|
2,899,900 |
|
|
|
(820,700 |
) |
|
|
2,899,900 |
|
|
|
(798,700 |
) |
Rangeview water system |
|
|
1,256,300 |
|
|
|
(120,700 |
) |
|
|
1,256,300 |
|
|
|
(110,300 |
) |
Water supply other |
|
|
3,995,700 |
|
|
|
(220,000 |
) |
|
|
3,973,300 |
|
|
|
(193,900 |
) |
Totals |
|
|
29,037,300 |
|
|
|
(1,389,400 |
) |
|
|
29,014,900 |
|
|
|
(1,306,300 |
) |
Net investments in water and water systems |
|
$ |
27,647,900 |
|
|
|
|
|
|
$ |
27,708,600 |
|
|
|
|
|
|
X |
- References
+ Details
Name: |
pcyo_DisclosureInvestmentsInWaterWaterSystemsLandAndImprovementsTablesAbstract |
Namespace Prefix: |
pcyo_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
pcyo_ScheduleOfWaterAndWaterSystems |
Namespace Prefix: |
pcyo_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
4. LONG-TERM OBLIGATIONS AND OPERATING LEASE (Tables)
|
3 Months Ended |
Nov. 30, 2015 |
Long-Term Obligations And Operating Lease Tables |
|
Schedule of remaining third party obligation |
|
|
Export Water Proceeds Received |
|
|
Initial Export Water Proceeds to Pure Cycle |
|
|
Total Potential Third-Party Obligation |
|
|
Paticipating Interests Liability |
|
|
Contingency |
|
Original balances |
|
$ |
|
|
|
$ |
218,500 |
|
|
$ |
31,807,700 |
|
|
$ |
11,090,600 |
|
|
$ |
20,717,100 |
|
Activity from inception until August 31, 2015: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
569,200 |
|
|
|
(445,800 |
) |
|
|
(123,400 |
) |
|
|
(42,900 |
) |
|
|
(80,500 |
) |
Balance at August 31, 2015 |
|
|
1,212,600 |
|
|
|
29,786,200 |
|
|
|
1,027,400 |
|
|
|
346,000 |
|
|
|
681,400 |
|
Fiscal 2016 activity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Export Water sale payments |
|
|
11,900 |
|
|
|
(10,400 |
) |
|
|
(1,500 |
) |
|
|
(500 |
) |
|
|
(1,000 |
) |
Balance at November 30, 2015 |
|
$ |
1,224,500 |
|
|
$ |
29,775,800 |
|
|
$ |
1,025,900 |
|
|
$ |
345,500 |
|
|
$ |
680,400 |
|
|
X |
- References
+ Details
Name: |
pcyo_DisclosureLongtermObligationsAndOperatingLeaseTablesAbstract |
Namespace Prefix: |
pcyo_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation.
+ References
+ Details
Name: |
us-gaap_ScheduleOfDebtTableTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
5. SHAREHOLDERS' EQUITY (Tables)
|
3 Months Ended |
Nov. 30, 2015 |
Shareholders Equity Tables |
|
Schedule of stock option activity |
|
|
Number of Options |
|
|
Weighted-Average Exercise Price |
|
|
Weighted-Average Remaining Contractual Term |
|
|
Approximate Aggregate Instrinsic Value |
|
Oustanding at beginning of period |
|
|
312,000 |
|
|
$ |
6.61 |
|
|
|
|
|
|
|
Granted |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
Exercised |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
Forfeited or expired |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
Outstanding at November 30, 2015 |
|
|
312,000 |
|
|
$ |
6.61 |
|
|
|
5.93 |
|
|
$ |
266,720 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options exercisable at November 30, 2015 |
|
|
252,667 |
|
|
$ |
5.09 |
|
|
|
5.37 |
|
|
$ |
243,320 |
|
|
Schedule of activity and value of non-vested options |
|
|
Number of Options |
|
|
Weighted-Average Grant Date Fair Value |
|
Non-vested options oustanding at beginning of period |
|
|
59,333 |
|
|
$ |
4.59 |
|
Granted |
|
|
- |
|
|
|
- |
|
Vested |
|
|
- |
|
|
|
- |
|
Forfeited |
|
|
- |
|
|
|
- |
|
Non-vested options outstanding at November 30, 2015 |
|
|
59,333 |
|
|
$ |
4.59 |
|
|
X |
- References
+ Details
Name: |
pcyo_DisclosureShareholdersEquityTablesAbstract |
Namespace Prefix: |
pcyo_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTabular disclosure of the changes in outstanding nonvested shares.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
+ Details
Name: |
us-gaap_ScheduleOfNonvestedShareActivityTableTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
+ Details
Name: |
us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
10. SEGMENT INFORMATION (Tables)
|
3 Months Ended |
Nov. 30, 2015 |
Segment Information Tables |
|
Schedule of segment reporting |
Three Months Ended November 30, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business segments |
|
|
|
|
|
|
|
|
|
Wholesale |
|
|
|
|
|
|
|
|
|
|
|
|
Water and |
|
|
|
|
|
|
|
|
|
|
|
|
Wastewater |
|
|
Agricultural |
|
|
All Other |
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
67,100 |
|
|
$ |
212,200 |
|
|
$ |
58,800 |
|
|
$ |
338,100 |
|
Gross profit |
|
|
(49,000 |
) |
|
|
196,600 |
|
|
|
43,000 |
|
|
|
190,600 |
|
Depreciation |
|
|
94,600 |
|
|
|
- |
|
|
|
- |
|
|
|
94,600 |
|
Other significant noncash items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
|
- |
|
|
|
- |
|
|
|
53,700 |
|
|
|
53,700 |
|
Segment assets |
|
|
28,892,800 |
|
|
|
6,208,300 |
|
|
|
37,071,100 |
|
|
|
72,172,200 |
|
Expenditures for segment assets |
|
|
271,200 |
|
|
|
- |
|
|
|
2,800 |
|
|
|
274,000 |
|
Three Months Ended November 30, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business segments |
|
|
|
|
|
|
|
|
|
Wholesale |
|
|
|
|
|
|
|
|
|
|
|
|
Water and |
|
|
|
|
|
|
|
|
|
|
|
|
Wastewater |
|
|
Agricultural |
|
|
All Other |
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
503,500 |
|
|
$ |
263,800 |
|
|
$ |
66,500 |
|
|
$ |
833,800 |
|
Gross profit |
|
|
316,900 |
|
|
|
237,300 |
|
|
|
56,400 |
|
|
|
610,600 |
|
Depreciation |
|
|
78,900 |
|
|
|
- |
|
|
|
- |
|
|
|
78,900 |
|
Other significant noncash items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
|
- |
|
|
|
- |
|
|
|
68,800 |
|
|
|
68,800 |
|
TPF interest expense |
|
|
23,800 |
|
|
|
- |
|
|
|
- |
|
|
|
23,800 |
|
Segment assets |
|
|
98,358,500 |
|
|
|
7,561,200 |
|
|
|
2,152,300 |
|
|
|
108,072,000 |
|
Expenditures for segment assets |
|
|
1,151,400 |
|
|
|
2,900 |
|
|
|
- |
|
|
|
1,154,300 |
|
|
X |
- DefinitionTabular 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.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8906-108599
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8813-108599
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8721-108599
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=35741047&loc=d3e13816-109267
Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8736-108599
+ Details
Name: |
us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
X |
- DefinitionPeriod recognition of construction funding for special facilities.
+ References
+ Details
Name: |
pcyo_RecognitionOfDeferredConstructionFunding |
Namespace Prefix: |
pcyo_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionPeriod recognition of water tap fees.
+ References
+ Details
Name: |
pcyo_RecognitionOfDeferredWaterTapFees |
Namespace Prefix: |
pcyo_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionSecurities (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.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Antidilution -URI http://asc.fasb.org/extlink&oid=6505113
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Diluted Earnings Per Share -URI http://asc.fasb.org/extlink&oid=6510752
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Contingent Stock Agreement -URI http://asc.fasb.org/extlink&oid=6508534
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257
+ Details
Name: |
us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionInterest expense on all other items not previously classified. For example, includes dividends associated with redeemable preferred stock of a subsidiary that is treated as a liability in the parent's consolidated balance sheet.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4D -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624177-113959
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 225 -Section S99 -Paragraph 1 -Subparagraph -4 -URI http://asc.fasb.org/extlink&oid=6879574&loc=d3e536633-122882
+ Details
Name: |
us-gaap_InterestExpenseOther |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
v3.3.1.900
3. WATER AND LAND ASSETS (Details) - USD ($)
|
Nov. 30, 2015 |
Aug. 31, 2015 |
Costs |
$ 29,037,300
|
$ 29,014,900
|
Accumulated Depreciation and Depletion |
(1,389,400)
|
(1,306,300)
|
Net investments in water and water systems |
27,647,876
|
27,708,595
|
Rangeview Water Supply |
|
|
Costs |
14,444,600
|
14,444,600
|
Accumulated Depreciation and Depletion |
(9,000)
|
(8,800)
|
Sky Ranch Water Rights And Other Costs |
|
|
Costs |
6,440,800
|
6,440,800
|
Accumulated Depreciation and Depletion |
(219,000)
|
(194,600)
|
Fairgrounds Water And Water System |
|
|
Costs |
2,899,900
|
2,899,900
|
Accumulated Depreciation and Depletion |
(820,700)
|
(798,700)
|
Rangeview Water System |
|
|
Costs |
1,256,300
|
1,256,300
|
Accumulated Depreciation and Depletion |
(120,700)
|
(110,300)
|
Water Supply Other |
|
|
Costs |
3,995,700
|
3,973,300
|
Accumulated Depreciation and Depletion |
$ (220,000)
|
$ (193,900)
|
X |
- DefinitionAmount 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.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.13) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details
Name: |
us-gaap_PropertyPlantAndEquipmentGross |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount 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.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.13) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 13 -Subparagraph a -Article 5
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 8 -Article 7
+ Details
Name: |
us-gaap_PropertyPlantAndEquipmentNet |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionThe cumulative amount of depreciation (related to capitalized assets classified as property, plant and equipment not otherwise defined in the taxonomy) that has been recognized in the income statement.
+ References
+ Details
Name: |
us-gaap_PropertyPlantAndEquipmentOtherAccumulatedDepreciation |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- Details
Name: |
us-gaap_PropertyPlantAndEquipmentByTypeAxis=pcyo_RangeviewWaterSupplyMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_PropertyPlantAndEquipmentByTypeAxis=pcyo_SkyRanchWaterRightsAndOtherCostsMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_PropertyPlantAndEquipmentByTypeAxis=pcyo_FairgroundsWaterAndWaterSystemMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_PropertyPlantAndEquipmentByTypeAxis=pcyo_RangeviewWaterSystemMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_PropertyPlantAndEquipmentByTypeAxis=pcyo_WaterSupplyOtherMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.3.1.900
X |
- References
+ Details
Name: |
pcyo_DisclosureInvestmentsInWaterWaterSystemsLandAndImprovementsDetailNarrativeAbstract |
Namespace Prefix: |
pcyo_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe noncash expense charged against earnings to recognize the consumption of natural resources.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585
+ Details
Name: |
us-gaap_Depletion |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe 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.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585
+ Details
Name: |
us-gaap_Depreciation |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
v3.3.1.900
4. LONG-TERM OBLIGATIONS AND OPERATING LEASE (Details) - USD ($)
|
3 Months Ended |
233 Months Ended |
Nov. 30, 2015 |
Aug. 31, 2015 |
Export Water Proceeds Received |
|
|
Remaining Third Party Obligation: |
|
|
Balance, original |
|
$ 0
|
Balance, beginning |
$ 1,212,600
|
|
Acquisitions |
|
0
|
Relinquishment |
|
0
|
Option payments |
|
110,400
|
Arapahoe Tap fees |
|
533,000
|
Export Water Sale Payments |
11,900
|
569,200
|
Balance, ending |
1,224,500
|
1,212,600
|
Initial Export Water Proceeds To Pure Cycle |
|
|
Remaining Third Party Obligation: |
|
|
Balance, original |
|
218,500
|
Balance, beginning |
29,786,200
|
|
Acquisitions |
|
28,042,500
|
Relinquishment |
|
2,386,400
|
Option payments |
|
(42,300)
|
Arapahoe Tap fees |
|
(373,100)
|
Export Water Sale Payments |
(10,400)
|
(445,800)
|
Balance, ending |
29,775,800
|
29,786,200
|
Total Potential Third Party Obligation |
|
|
Remaining Third Party Obligation: |
|
|
Balance, original |
|
31,807,700
|
Balance, beginning |
1,027,400
|
|
Acquisitions |
|
(28,042,500)
|
Relinquishment |
|
(2,386,400)
|
Option payments |
|
(68,100)
|
Arapahoe Tap fees |
|
(159,900)
|
Export Water Sale Payments |
(1,500)
|
(123,400)
|
Balance, ending |
1,025,900
|
1,027,400
|
Participating Interests Liability |
|
|
Remaining Third Party Obligation: |
|
|
Balance, original |
|
11,090,600
|
Balance, beginning |
346,000
|
|
Acquisitions |
|
(9,790,000)
|
Relinquishment |
|
(832,100)
|
Option payments |
|
(23,800)
|
Arapahoe Tap fees |
|
(55,800)
|
Export Water Sale Payments |
(500)
|
(42,900)
|
Balance, ending |
345,500
|
346,000
|
Contingency |
|
|
Remaining Third Party Obligation: |
|
|
Balance, original |
|
20,717,100
|
Balance, beginning |
681,400
|
|
Acquisitions |
|
(18,252,500)
|
Relinquishment |
|
(1,554,300)
|
Option payments |
|
(44,300)
|
Arapahoe Tap fees |
|
(104,100)
|
Export Water Sale Payments |
(1,000)
|
(80,500)
|
Balance, ending |
$ 680,400
|
$ 681,400
|
X |
- Definition
+ References
+ Details
Name: |
pcyo_ExportWaterAcquisitions |
Namespace Prefix: |
pcyo_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- Definition
+ References
+ Details
Name: |
pcyo_ExportWaterOptionPayments |
Namespace Prefix: |
pcyo_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
pcyo_ExportWaterRelinquishment |
Namespace Prefix: |
pcyo_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionExport Water Sale Payments
+ References
+ Details
Name: |
pcyo_ExportWaterSalePayments |
Namespace Prefix: |
pcyo_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionRangeviewCAAAgreementBalance
+ References
+ Details
Name: |
pcyo_RangeviewCAAAgreementBalance |
Namespace Prefix: |
pcyo_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionRangeviewCAAAgreementBalanceOriginal
+ References
+ Details
Name: |
pcyo_RangeviewCAAAgreementBalanceOriginal |
Namespace Prefix: |
pcyo_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
pcyo_RemainingThirdPartyObligationAbstract |
Namespace Prefix: |
pcyo_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_PropertyPlantAndEquipmentByTypeAxis=pcyo_ExportWaterProceedsReceivedMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_PropertyPlantAndEquipmentByTypeAxis=pcyo_InitialExportWaterProceedsToPureCycleMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_PropertyPlantAndEquipmentByTypeAxis=pcyo_TotalPotentialThirdPartyObligationMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_PropertyPlantAndEquipmentByTypeAxis=pcyo_ParticipatingInterestsLiabilityMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_PropertyPlantAndEquipmentByTypeAxis=pcyo_ContingencyMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.3.1.900
5. SHAREHOLDERS' EQUITY (Details)
|
3 Months Ended |
Nov. 30, 2015
USD ($)
$ / shares
shares
|
Number of options |
|
Outstanding, beginning | shares |
312,000
|
Granted | shares |
0
|
Exercised | shares |
0
|
Forfeited or expired | shares |
0
|
Outstanding, ending | shares |
312,000
|
Exercisable | shares |
252,667
|
Weighted average exercise price |
|
Outstanding, beginning | $ / shares |
$ 6.61
|
Granted | $ / shares |
0.00
|
Exercised | $ / shares |
0.00
|
Forfeited or expired | $ / shares |
0.00
|
Outstanding, ending | $ / shares |
6.61
|
Exercisable | $ / shares |
$ 5.09
|
Weighted average remaining contractual term |
|
Outstanding, ending |
5 years 11 months 5 days
|
Exercisable |
5 years 4 months 13 days
|
Approximate aggregate intrinsic value |
|
Outstanding, ending | $ |
$ 266,720
|
Exercisable | $ |
$ 243,320
|
X |
- References
+ Details
Name: |
pcyo_ApproximateAggregateIntrinsicValueAbstract |
Namespace Prefix: |
pcyo_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
pcyo_NumberOfOptionsAbstract |
Namespace Prefix: |
pcyo_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
pcyo_WeightedAverageExercisePriceAbstract |
Namespace Prefix: |
pcyo_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
pcyo_WeightedAverageRemainingContractualTermAbstract |
Namespace Prefix: |
pcyo_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe 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.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1)(iii) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
+ Details
Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionThe 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.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1)(iii) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
+ Details
Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice |
Namespace Prefix: |
us-gaap_ |
Data Type: |
num:perShareItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionFor 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.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1)(iv)(3)-(4) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
+ Details
Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionWeighted average price of options that were either forfeited or expired.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1)(iv)(3)-(4) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
+ Details
Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice |
Namespace Prefix: |
us-gaap_ |
Data Type: |
num:perShareItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionGross number of share options (or share units) granted during the period.
+ References
+ Details
Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount by which the current fair value of the underlying stock exceeds the exercise price of options outstanding.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
+ Details
Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionNumber of options outstanding, including both vested and non-vested options.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1)(i)-(ii) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
+ Details
Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionWeighted average price at which grantees can acquire the shares reserved for issuance under the stock option plan.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1)(i) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
+ Details
Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice |
Namespace Prefix: |
us-gaap_ |
Data Type: |
num:perShareItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionWeighted average price at which option holders acquired shares when converting their stock options into shares.
+ References
+ Details
Name: |
us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice |
Namespace Prefix: |
us-gaap_ |
Data Type: |
num:perShareItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionWeighted average per share amount at which grantees can acquire shares of common stock by exercise of options.
+ References
+ Details
Name: |
us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice |
Namespace Prefix: |
us-gaap_ |
Data Type: |
num:perShareItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of difference between fair value of the underlying shares reserved for issuance and exercise price of vested portions of options outstanding and currently exercisable.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
+ Details
Name: |
us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1 |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionWeighted 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.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
+ Details
Name: |
us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1 |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:durationItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionWeighted 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.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e)(1) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
+ Details
Name: |
us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2 |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:durationItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionNumber of share options (or share units) exercised during the current period.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1)(iv)(2) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.28,29) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29, 30 -Article 5
+ Details
Name: |
us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
X |
- References
+ Details
Name: |
pcyo_NumberOfOptions1Abstract |
Namespace Prefix: |
pcyo_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
pcyo_WeightedAverageGrantDateFairValueAbstract |
Namespace Prefix: |
pcyo_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionGross number of share options (or share units) granted during the period.
+ References
+ Details
Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe weighted average grant-date fair value of options granted during the reporting period as calculated by applying the disclosed option pricing methodology.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d)(1) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
+ Details
Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
num:perShareItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionNumber of non-vested options outstanding.
+ References
+ Details
Name: |
us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionNumber of non-vested options forfeited.
+ References
+ Details
Name: |
us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedNumberOfShares |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionWeighted average grant-date fair value of non-vested options forfeited.
+ References
+ Details
Name: |
us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedWeightedAverageGrantDateFairValue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
num:perShareItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionWeighted average grant-date fair value of non-vested options outstanding.
+ References
+ Details
Name: |
us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
num:perShareItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionNumber of options vested.
+ References
+ Details
Name: |
us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionWeighted average grant-date fair value of options vested.
+ References
+ Details
Name: |
us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
num:perShareItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.3.1.900
X |
- DefinitionRepresents the expense recognized during the period arising from equity-based compensation arrangements (for example, shares of stock, unit, stock options or other equity instruments) with employees, directors and certain consultants qualifying for treatment as employees.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 14.F) -URI http://asc.fasb.org/extlink&oid=27013229&loc=d3e301413-122809
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1)(i) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 -Section F
+ Details
Name: |
us-gaap_AllocatedShareBasedCompensationExpense |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionUnrecognized cost of unvested share-based compensation awards.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
+ Details
Name: |
us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionThe 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).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a)(3) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
+ Details
Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- Details
Name: |
us-gaap_PlanNameAxis=pcyo_IncentivePlan2014Member |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.3.1.900
X |
- DefinitionFor 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.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -SubTopic 10 -Section 50 -Paragraph 18 -URI http://asc.fasb.org/extlink&oid=51801978&loc=d3e6351-108592
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 20 -URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13531-108611
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -SubTopic 10 -Section 50 -Paragraph 20 -URI http://asc.fasb.org/extlink&oid=51801978&loc=d3e6404-108592
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13537-108611
+ Details
Name: |
us-gaap_ConcentrationRiskPercentage1 |
Namespace Prefix: |
us-gaap_ |
Data Type: |
num:percentItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_ConcentrationRiskByBenchmarkAxis=us-gaap_SalesMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_MajorCustomersAxis=pcyo_TheDistrictMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_MajorCustomersAxis=pcyo_TheDistrictsSignificantCustomerMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_MajorCustomersAxis=pcyo_AnotherCustomerMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_ConcentrationRiskByBenchmarkAxis=us-gaap_AccountsReceivableMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.3.1.900
8. ACCRUED LIABILITIES (Details Narrative) - USD ($)
|
Nov. 30, 2015 |
Aug. 31, 2015 |
Accrued Liabilities Detail Narrative |
|
|
Accrued liabilities |
$ 194,167
|
$ 590,533
|
Accrued compensation |
|
400,000
|
Estimated property taxes |
131,400
|
95,500
|
Professional Fees |
18,100
|
52,500
|
Operating payables |
$ 44,700
|
$ 42,500
|
X |
- References
+ Details
Name: |
pcyo_AccruedLiabilitiesDetailNarrativeAbstract |
Namespace Prefix: |
pcyo_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionCarrying value as of the balance sheet date of obligations incurred and payable for incentive compensation awarded to employees and directors or earned by them based on the terms of one or more relevant arrangements.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.15(5)) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03.15(a)) -URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910
+ Details
Name: |
us-gaap_AccruedBonusesCurrentAndNoncurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionCarrying 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).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.20) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details
Name: |
us-gaap_AccruedLiabilitiesCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionCarrying 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).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 45 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=28358313&loc=d3e6911-107765
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Current Liabilities -URI http://asc.fasb.org/extlink&oid=6509677
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 45 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=28358313&loc=d3e6935-107765
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.20) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details
Name: |
us-gaap_AccruedProfessionalFeesCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionCarrying value as of the balance sheet date of obligations incurred through that date and payable arising from transactions not otherwise specified in the taxonomy. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 45 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=28358313&loc=d3e7018-107765
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Current Liabilities -URI http://asc.fasb.org/extlink&oid=6509677
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 45 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=28358313&loc=d3e6911-107765
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 45 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=28358313&loc=d3e6935-107765
Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.20) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details
Name: |
us-gaap_OtherAccruedLiabilitiesCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
v3.3.1.900
10. SEGMENT INFORMATION (Details) - USD ($)
|
3 Months Ended |
|
Nov. 30, 2015 |
Nov. 30, 2014 |
Aug. 31, 2015 |
Revenues |
$ 338,158
|
$ 833,777
|
|
Gross profit |
190,553
|
610,602
|
|
Depreciation |
94,600
|
78,900
|
|
Other significant noncash items: |
|
|
|
Stock-based compensation |
53,700
|
68,800
|
|
TPF interest expense |
|
23,816
|
|
Segment assets |
72,172,177
|
108,072,000
|
$ 73,060,913
|
Expenditures for segment assets |
274,000
|
1,154,300
|
|
Wholesale Water And Wasterwater |
|
|
|
Revenues |
67,100
|
503,500
|
|
Gross profit |
(49,000)
|
316,900
|
|
Depreciation |
94,600
|
78,900
|
|
Other significant noncash items: |
|
|
|
Stock-based compensation |
0
|
0
|
|
TPF interest expense |
|
23,800
|
|
Segment assets |
28,892,800
|
98,358,500
|
|
Expenditures for segment assets |
271,200
|
1,151,400
|
|
Agricultural |
|
|
|
Revenues |
212,200
|
263,800
|
|
Gross profit |
196,600
|
237,300
|
|
Depreciation |
0
|
0
|
|
Other significant noncash items: |
|
|
|
Stock-based compensation |
0
|
0
|
|
TPF interest expense |
|
0
|
|
Segment assets |
6,208,300
|
7,561,200
|
|
Expenditures for segment assets |
0
|
2,900
|
|
All Other |
|
|
|
Revenues |
58,800
|
66,500
|
|
Gross profit |
43,000
|
56,400
|
|
Depreciation |
0
|
0
|
|
Other significant noncash items: |
|
|
|
Stock-based compensation |
53,700
|
68,800
|
|
TPF interest expense |
|
0
|
|
Segment assets |
37,071,100
|
2,152,300
|
|
Expenditures for segment assets |
$ 2,800
|
$ 0
|
|
X |
- References
+ Details
Name: |
pcyo_OtherSignificantNoncashItemsAbstract |
Namespace Prefix: |
pcyo_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of significant additions in the period in other assets (current, noncurrent, or unclassified).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.17) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details
Name: |
us-gaap_AdditionsToOtherAssetsAmount |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionRepresents the expense recognized during the period arising from equity-based compensation arrangements (for example, shares of stock, unit, stock options or other equity instruments) with employees, directors and certain consultants qualifying for treatment as employees.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 14.F) -URI http://asc.fasb.org/extlink&oid=27013229&loc=d3e301413-122809
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1)(i) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 -Section F
+ Details
Name: |
us-gaap_AllocatedShareBasedCompensationExpense |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionSum 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.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.18) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 12 -Article 7
+ Details
Name: |
us-gaap_Assets |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionThe current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585
+ Details
Name: |
us-gaap_DepreciationAndAmortization |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.1,2) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688
+ Details
Name: |
us-gaap_GrossProfit |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionInterest expense on all other items not previously classified. For example, includes dividends associated with redeemable preferred stock of a subsidiary that is treated as a liability in the parent's consolidated balance sheet.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4D -URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624177-113959
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 225 -Section S99 -Paragraph 1 -Subparagraph -4 -URI http://asc.fasb.org/extlink&oid=6879574&loc=d3e536633-122882
+ Details
Name: |
us-gaap_InterestExpenseOther |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.1) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688
+ Details
Name: |
us-gaap_Revenues |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_StatementBusinessSegmentsAxis=pcyo_WholesaleWaterAndWasterwaterMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_StatementBusinessSegmentsAxis=pcyo_AgriculturalMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_StatementBusinessSegmentsAxis=pcyo_AllOtherMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
Pure Cycle (NASDAQ:PCYO)
Historical Stock Chart
From Sep 2024 to Oct 2024
Pure Cycle (NASDAQ:PCYO)
Historical Stock Chart
From Oct 2023 to Oct 2024