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INCOME TAX (Tables)

12 Months Ended

Jul. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense

Income taxes provided for the years ended July 31, 2021 and 2020 consist of the following:

	2021				2020
Current:
Federal	$	—			$	—
Deferred taxes (benefit):
Federal		(108,000	)			(247,000	)
State		(51,000	)			(108,000	)
Income tax provision (benefit)	$	(159,000	)		$	(355,000	)

Schedule of Effective Income Tax Rate Reconciliation

Taxes provided for the years ended July 31, 2021 and 2020 differ from amounts which would result from applying the federal statutory tax rate to pre-tax income, as follows:

		2021				2020
Income (loss) before income taxes		$	239,032				(1,261,005	)
Paycheck Protection Program Loan Forgiveness			(722,726	)			—
Other-net			(21,690	)			(16,158	)
Adjusted pre-tax income (loss)		$	(505,384	)		$	(1,277,163	)
Statutory rate			21.00	%			21.00	%
Income tax provision (benefit) at statutory rate		$	(106,131	)		$	(268,204	)
State deferred income taxes (benefit)			(51,000	)			(108,000	)
Other-net			(1,869	)			21,204
Income tax provision (benefit)		$	(159,000	)		$	(355,000	)

Schedule of Deferred Tax Assets And Liabilities

Significant components of the Company’s deferred tax assets and liabilities as of July 31, 2021 and 2020 are a result of temporary differences related to the items described as follows:

		2021						2020
		Deferred			Deferred			Deferred			Deferred
		Tax Assets			Tax Liabilities			Tax Assets			Tax Liabilities
Rental income received in advance		$	148,033		$	—		$	175,145		$	—
Anticipated PPP loan expenses to be forgiven			—			—			199,390			—
Operating lease liabilities			7,680,923			—			8,013,099			—
Federal net operating loss carryforward			2,171,510			—			1,764,769			—
State net operating loss carryforward			809,951			—			693,541			—
Unbilled receivables			—			569,029			—			412,343
Property and equipment			—			4,963,194			—			4,671,246
Unrealized gain on marketable securities			—			430,455			—			307,375
Operating lease right-of-use assets			—			9,536,322			—			10,229,036
Other			106,583			—			33,056			—
		$	10,917,000		$	15,499,000		$	10,879,000		$	15,620,000
Net deferred tax liability					$	4,582,000					$	4,741,000

Components of Deferred Tax Provision (benefit)

Components of the deferred tax provision (benefit) for the years ended July 31, 2021 and 2020 consist of the following:

		2021				2020
Book depreciation exceeding (less than) tax depreciation		$	291,723			$	(1,691,703	)
Increase in reserve for bad debts			(65,109	)			(17,220	)
Lease expense per book in excess of cash paid			(360,537	)			2,477,725
Federal net operating loss carryforward			(406,742	)			(924,647	)
State net operating loss carryforward			(116,410	)			(22,687	)
Decrease of rental income received in advance			27,111				39,637
Anticipated PPP loan expenses to be forgiven			199,390				(199,390	)
Increase (decrease) in unbilled receivables			156,686				(47,962	)
Other			114,888				31,247
		$	(159,000	)		$	(355,000	)

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
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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.

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-Name Accounting Standards Codification
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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.

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-SubTopic 10
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