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v3.22.2.2

INCOME TAXES (Tables) | 12 Months Ended
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Aug. 31, 2022
Income taxes (note 6) |
Schedule of Components of Income Tax Expense (Benefit) |
Schedule of Components of Income Tax Expense (Benefit) |  |  |  |  |  |  |  |
|  | 2022 |  |  | 2021 |
Computed tax at the federal statutory rate |  | $ | 391,259 |  |  | $ | 928,062 |
State taxes, net of federal benefit |  |  | 172,074 |  |  |  | 204,632 |
Depreciation |  |  | — |  |  |  | (47,828 | )
Inventory reserve |  |  | — |  |  |  | 3,665 |
Other |  |  | (4,513 | ) |  |  | (139,269 | )
Provision for income taxes |  | $ | 558,820 |  |  | $ | 949,262 |
Current income taxes |  | $ | 558,820 |  |  | $ | 949,262 |
Deferred income taxes |  |  | (141,943 | ) |  |  | 19,993 |
Income tax expense benefit net |  | $ | 416,877 |  |  | $ | 969,255 |
Schedule of Deferred Tax Assets and Liabilities |
Schedule of Deferred Tax Assets and Liabilities |  |  |  |  |  |  |  |
|  | 2022 |  |  | 2021 |
Deferred tax assets: |  |  |  |  |  |  |  |
Allowance for inventory |  | $ | 273,618 |  |  | $ | 97,678 |
Allowance for bad debts |  |  | — |  |  |  | — |
Difference between book and tax depreciation |  |  | (150,942 | ) |  |  | (113,421 | )
Total deferred tax assets |  |  | 122,676 |  |  |  | (15,743 | )
Valuation allowance |  |  | — |  |  |  | — |
Net deferred tax assets |  |  | 122,676 |  |  |  | (15,743 | )
Net deferred tax liability |  |  | (97,678 | ) |  |  | (101,202 | )
Combined net deferred tax asset (liability) |  | $ | 24,998 |  |  | $ | (116,945 | )

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- Definition 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + Details
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- 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 https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
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