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INCOME TAXES (Tables) | 12 Months Ended
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Aug. 31, 2019
INCOME TAXES [Abstract] |
Deferred Tax Assets | Significant components of the Company’s deferred tax assets as of August 31 are as follows:
|  | For the Fiscal Years Ended August 31, |
|  | 2019 |  |  | 2018 |
Deferred tax assets (liabilities): |  |  |  |  |  |
Net operating loss carryforwards |  | $ | 609,439 |  |  | $ | 2,009,800 |
AMT credit carryforward |  |  | — |  |  |  | 282,000 |
Accrued compensation |  |  | 113,559 |  |  |  | — |
Deferred revenues |  |  | 149,895 |  |  |  | 28,600 |
Depreciation and depletion |  |  | (46,408 | ) |  |  | (104,900 | )
NQ stock options |  |  | 410,633 |  |  |  | — |
Other |  |  | 46,128 |  |  |  | 80,500 |
Valuation allowance |  |  | — |  |  |  | (2,014,000 | )
Net deferred tax asset |  | $ | 1,283,246 |  |  | $ | 282,000 |
Income Tax Reconciliation | Income taxes computed using the federal statutory income tax rate differs from the Company’s effective tax rate primarily due to the following for the fiscal years ended August 31:
|  | For the Fiscal Years Ended August 31, |
|  | 2019 |  |  | 2018 |
Expected benefit from federal taxes at statutory rate of 21% and 34% for the years 2019 and 2018 |  | $ | 740,870 |  |  | $ | 34,100 |
State taxes, net of federal benefit |  |  | 129,123 |  |  |  | 4,600 |
Permanent and other differences |  |  | 10,388 |  |  |  | 97,800 |
Change in tax rate |  |  | — |  |  |  | 1,196,464 |
NOL true up |  |  | 225,067 |  |  |  | 17,589 |
Temporary difference true up |  |  | — |  |  |  | 240,352 |
NQ stock options adjustment |  |  | (348,441 | ) |  |  | — |
AMT credit carryforward |  |  | — |  |  |  | (282,000 | )
Other |  |  | (26,202 | ) |  |  | (17,705 | )
Change in valuation allowance |  |  | (2,014,000 | ) |  |  | (1,573,200 | )
Total income tax expense / (benefit) |  | $ | (1,283,195 | ) |  | $ | (282,000 | )

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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319 + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319 + Details
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