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PRIOR PERIOD ADJUSTMENT (Tables) | 9 Months Ended
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May 31, 2021
PRIOR PERIOD ADJUSTMENT [Abstract] |
Effect of the Errors | The effect of the errors to the Company’s consolidated Statements of Operations and Comprehensive Income for the three and six months ended February 28, 2021 were as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Three Months Ended February 28, 2021
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | As Reported |  | Adjustments |  | As Adjusted
​ | ​ | (In thousands)
Statement of Operations | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other Income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Recognition of public improvement reimbursables including interest income - related party | ​ | $ | 20,327 | ​ | $ | (723) | ​ | $ | 19,604
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income tax expense | ​ | $ | (5,667) | ​ | $ | 178 | ​ | $ | (5,489)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net Income | ​ | $ | 17,352 | ​ | $ | (545) | ​ | $ | 16,807
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Earnings per common share - Diluted | ​ | $ | 0.72 | ​ | $ | (0.02) | ​ | $ | 0.70
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average common shares outstanding - Diluted | ​ | ​ | 24,092 | ​ | ​ | 24,092 | ​ | ​ | 24,092
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Six Months Ended February 28, 2021
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | As Reported |  | Adjustments |  | As Adjusted
​ | ​ | (In thousands)
Statement of Operations | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other Income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Recognition of public improvement reimbursables including interest income - related party | ​ | $ | 20,327 | ​ | $ | (723) | ​ | $ | 19,604
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income tax expense | ​ | $ | (5,927) | ​ | $ | 178 | ​ | $ | (5,749)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net Income | ​ | $ | 18,197 | ​ | $ | (545) | ​ | $ | 17,652
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Earnings per common share - Diluted | ​ | $ | 0.76 | ​ | $ | (0.02) | ​ | $ | 0.74
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average common shares outstanding - Diluted | ​ | ​ | 24,064 | ​ | ​ | 24,064 | ​ | ​ | 24,064
​ The effect of the errors to the Company’s consolidated Balance Sheet as of February 28, 2021, were as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of February 28, 2021
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Balance | ​ | ​ | ​ | ​
​ |  | As Reported |  | Adjustments |  | As Adjusted
​ | ​ | (In thousands)
Balance Sheet | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Public improvement reimbursables - Phase 1 | ​ | $ | 21,466 | ​ | $ | (723) | ​ | $ | 20,743
Liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income taxes payable | ​ | $ | 4,267 | ​ | $ | (178) | ​ | $ | 4,089
Equity | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Accumulated deficit | ​ | $ | (72,766) | ​ | $ | (545) | ​ | $ | (73,311)

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- Definition Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22663-107794 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22644-107794 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22658-107794 + Details
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