XML 34 R17.htm IDEA: XBRL DOCUMENT
v3.21.2

INCOME TAXES | 12 Months Ended
--- | ---
Aug. 31, 2021
INCOME TAXES [Abstract] |
INCOME TAXES | NOTE 10 – INCOME TAXES The Company recorded income tax expense of $6.5 million and an income tax benefit of $2.2 million for the fiscal years ended August 31, 2021 and 2020. The net expense during the fiscal year ended August 31, 2021, consisted of current income tax expense of $5.8 million and deferred income tax expense of $0.7 million. The deferred tax expense consists of the usage of the Company’s $0.6 million net operating loss carryforwards and the timing difference between book and tax depreciation of fixed assets. For the years ended August 31, 2021 and 2020, the Company’s effective income tax rate was 24.7% and 24.4%. No taxes were paid during the year ended August 31, 2021. The Company paid Federal and State tax installments of $1.1 million and $0.2 million during the year ended August 31, 2020. Deferred income taxes reflect the tax effects of net operating loss carryforwards and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets as of August 31 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | August 31, 2021 |  | August 31, 2020
​ | ​ | (In thousands)
Deferred tax assets (liabilities): |  | ​ |  |  | ​ |
Depreciation and depletion | ​ | ​ | (2,360) | ​ | ​ | (1,701)
Non-qualified stock options | ​ |  | 547 | ​ |  | 491
Accrued compensation | ​ | ​ | 141 | ​ | ​ | 167
Deferred revenues | ​ | ​ | 41 | ​ | ​ | 89
Other | ​ |  | 16 | ​ |  | 45
Net operating loss carryforwards | ​ | $ | — | ​ | $ | 23
Net deferred tax liability | ​ | $ | (1,615) | ​ | $ | (886)
​ As of August 31, 2021 and 2020, the Company had no liability for unrecognized tax benefits. 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,
​ |  | 2021 |  | 2020
Expected benefit from federal taxes at statutory rate of 21% for the years 2021 and 2020 | ​ | $ | 5,584 | ​ | $ | 1,873
State taxes, net of federal benefit | ​ | ​ | 973 | ​ | ​ | 327
Permanent and other differences | ​ | ​ | 4 | ​ | ​ | 2
Stock Compensation | ​ | ​ | (77) | ​ | ​ | (28)
NOL true up | ​ | ​ | - | ​ | ​ | (8)
Other | ​ | ​ | (4) | ​ | ​ | 3
Total income tax expense / (benefit) | ​ | $ | 6,480 | ​ | $ | 2,169
​ At August 31, 2021, the Company had no net operating loss carryforwards available for income tax purposes. At August 31, 2020, the Company had $0.1 million of net operating loss carryforwards available for income tax purposes, which were used in fiscal 2021. During the year ended August 31, 2020, no net operating loss carryforwards expired.

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 The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI http://asc.fasb.org/extlink&oid=116825942&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI http://asc.fasb.org/extlink&oid=116825942&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration