Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.22.2.2
INCOME TAXES (Tables)
12 Months Ended
Aug. 31, 2022
INCOME TAXES [Abstract]  
Deferred Tax Assets (Liabilities)

(In thousands)

    

August 31, 2022

    

August 31, 2021

Deferred tax assets (liabilities):

    

  

    

  

Depreciation and depletion

$

(2,061)

$

(2,360)

Non-qualified stock options

 

568

 

547

Accrued compensation

279

141

Deferred revenues

108

41

Other

 

31

 

16

Net deferred tax liability

$

(1,075)

$

(1,615)

Statutory to Effective Income Tax Reconciliation

Income taxes computed using the federal statutory income tax rate differs from the Company’s effective tax rate primarily due to the following for the fiscal years ended August 31:

Year Ended 

    

August 31, 2022

    

August 31, 2021

Expected benefit from federal taxes at statutory rate of 21% for the years 2022 and 2021

$

2,668

$

5,584

State taxes, net of federal benefit

456

973

Permanent and other differences

4

4

Stock Compensation

22

(77)

Other

(64)

(4)

Total income tax expense

$

3,086

$

6,480