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SUBSEQUENT EVENTS | 3 Months Ended
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Nov. 30, 2022
SUBSEQUENT EVENTS [Abstract] |
SUBSEQUENT EVENTS | NOTE 10 – SUBSEQUENT EVENTS The Company has evaluated all events subsequent to the balance sheet date as of November 30, 2022 through the date of issuance of these consolidated financial statements and has determined that, except as set forth below, there are no subsequent events that require disclosure. On December 9, 2022, the Company announced that Sherry Bahrambeygui will be resigning as Chief Executive Officer, effective February 3, 2023. Robert Price, a Company founder and Chairman of the Board, will become Interim Chief Executive Officer. Ms. Bahrambeygui will continue serving as a member of the Board of Directors of the Company. In connection with her departure, the Company expects to recognize a one-time pre-tax separation charge of approximately $7.7 million (reducing Earnings per share, on an after tax basis, by approximately $0.23) in the second quarter of fiscal year 2023. This amount consists of approximately $4.2 million of non-cash charges related to the net cost of the acceleration of certain equity awards and approximately $3.5 million of other separation costs.

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- Definition The 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 Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI https://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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