Quarterly report pursuant to Section 13 or 15(d)

PRIOR PERIOD ADJUSTMENT (Tables)

v3.21.2
PRIOR PERIOD ADJUSTMENT (Tables)
9 Months Ended
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)