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v3.22.2.2
Income Taxes (Tables)
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12 Months Ended |
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| Income Taxes |
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| Schedule of Components of Income Tax Expense (Benefit) |
The following summarizes the Company’s provision for income taxes on income from operations: | | | | | | | | | Years Ended August 31, | | | 2022 | | 2021 | Current: | | | | | | | Federal | | $ | 5,547,000 | | $ | 2,489,000 | State | | | 1,608,000 | | | 868,000 | Foreign | | | 322,000 | | | (62,000) | | | | 7,477,000 | | | 3,295,000 | Deferred: | | | | | | | Federal | | | 63,000 | | | (2,000) | State | | | 270,000 | | | — | Foreign | | | — | | | — | | | | 333,000 | | | (2,000) | Total | | $ | 7,810,000 | | $ | 3,293,000 |
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| Schedule of Effective Income Tax Rate Reconciliation |
Income taxes for the years ended August 31, 2022 and 2021 differ from the amounts computed by applying the federal blended and statutory corporate rates of 21% for both 2022 and 2021 to the pre-tax income. The differences are reconciled as follows: | | | | | | | | | | Years Ended August 31, | | | | 2022 | | 2021 | | Current: | | | | | | | | Expected income tax provision at statutory rate | | | 21.0
| % | | 21.0
| % | Increase (decrease) in taxes due to: | | | | | | | | State tax, net of federal benefit | | | 4.4
| % | | 4.6
| % | Permanent differences | | | 0.1
| % | | (0.3) | % | Other, net | | | 1.3
| % | | 2.9
| % | Income tax expense | | | 26.8
| % | | 28.2
| % |
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| Schedule of Deferred Tax Assets and Liabilities |
The components of deferred taxes at August 31, 2022 and 2021 are summarized below: | | | | | | | | | August 31, | Deferred tax assets (liabilities): | | 2022 | | 2021 | Net operating loss
| | $ | 174,000 | | $ | 357,000 | Accruals and reserves | | | 1,148,000 | | | 1,401,000 | Income tax credits | | | 1,000 | | | 1,000 | Capital loss | | | 40,000 | | | 49,000 | Lease liability | | | 2,789,000 | | | 2,968,000 | Property and equipment, net | | | (958,000) | | | (957,000) | Operating lease, right-of-use assets | | | (2,742,000) | | | (2,941,000) | Unrealized gains/losses | | | 85,000 | | | (7,000) | | | | 537,000 | | | 871,000 | Valuation allowance | | | –– | | | — | Total deferred tax assets, net | | $ | 537,000 | | | 871,000 |
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| X |
- DefinitionTabular 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.
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- DefinitionTabular 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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- DefinitionTabular 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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