XML 32 R29.htm IDEA: XBRL DOCUMENT v3.19.3

INCOME TAXES (Tables)

12 Months Ended

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	)

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration