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PRIOR PERIOD ADJUSTMENT | 9 Months Ended
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May 31, 2021
PRIOR PERIOD ADJUSTMENT [Abstract] |
PRIOR PERIOD ADJUSTMENT | NOTE 2 – PRIOR PERIOD ADJUSTMENT The Company discovered certain errors in the amounts previously reported for the three and six months ended February 28, 2021, which if these errors though immaterial in the given periods, were corrected in the three months ended May 31, 2021, management believes these corrections would have a material impact on the current reported three month consolidated statement of operations, specifically the recognition of Public improvement reimbursables including interest income - related party. The Company’s President and the Chief Financial Officer evaluated the effects of the errors on the consolidated financial statements for the three and six months ended February 28, 2021, which each concluded that the errors were not material to those presented results. Based on this evaluation, the errors did not rise to the level of requiring a restatement of the financial information for the three and six months ended February 28, 2021, contained in the Form 10-Q as previously filed. Accordingly, management has corrected these errors by adjusting opening accumulated deficit for the three month period ended May 31, 2021 and has retrospectively adjusted the cumulative periods for the impact of such errors in the financial statements presented for the three and nine months ended May 31, 2021. The errors were a result of ineffective controls related to management’s preparation and review of spreadsheets which compromised the integrity of the spreadsheets used to support and record the transactions related to the recording and tracking of the public improvement reimbursable amounts. Please see Item 4 in this Quarterly Report on Form 10-Q for our remediation plans. 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 The entire disclosure for reporting accounting changes and error corrections. It includes the conveyance of information necessary for a user of the Company's financial information to understand all aspects and required disclosure information concerning all changes and error corrections reported in the Company's financial statements for the period. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -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 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -URI http://asc.fasb.org/topic&trid=2122394 + Details
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