General form of registration statement for all companies including face-amount certificate companies

Income taxes (Tables)

v3.20.1
Income taxes (Tables)
12 Months Ended
Aug. 31, 2019
Income Taxes  
Schedule of net deferred tax assets

 

 

 

 

 

 

 

 

 

August 31, 

 

    

2019

    

2018

 

 

in thousands

Deferred tax liabilities:

 

 

 

 

 

 

Depreciation

 

$

(122,000)

 

$

(21,000)

Software development costs

 

 

(845,000)

 

 

(835,000)

Total deferred tax liabilities

 

 

(967,000)

 

 

(856,000)

 

 

 

  

 

 

  

Deferred tax assets:

 

 

  

 

 

  

Net operating loss carryforward

 

 

7,000,000

 

 

7,653,000

Business interest

 

 

2,539,000

 

 

 —

Workers’ compensation accruals

 

 

1,763,000

 

 

360,000

Stock-based compensation

 

 

354,000

 

 

172,000

Deferred rent

 

 

15,000

 

 

16,000

Total deferred tax assets

 

 

11,671,000

 

 

8,201,000

Valuation allowance

 

 

(10,704,000)

 

 

(7,345,000)

Total net deferred tax assets

 

$

967,000

 

$

856,000

 

 

 

  

 

 

  

Net deferred tax assets

 

$

 —

 

$

 —

 

Schedule of Income tax expense

 

 

 

 

 

 

 

 

 

For the Year Ended

 

 

August 31, 

 

    

2019

    

2018

Current

 

 

  

 

 

  

Federal

 

$

 —

 

$

 —

State

 

 

 —

 

 

 —

Total current

 

 

 —

 

 

 —

Deferred

 

 

  

 

 

  

Federal

 

 

3,162,000

 

 

2,729,000

State

 

 

197,000

 

 

407,000

Total deferred

 

 

3,359,000

 

 

3,136,000

Change in valuation allowance

 

$

(3,359,000)

 

$

(3,136,000)

Total Income Tax Expense (Benefit)

 

$

 —

 

$

 —

 

Reconciliation of the statutory federal rate

 

 

 

 

 

 

 

 

    

August 31, 

    

August 31, 

 

 

2019

 

2018

Pre-tax book loss

 

$

2,673,000

 

$

3,880,000

Non-deductible penalties and other permanent differences

 

 

(430,000)

 

 

(177,000)

State taxes (8.84%)

 

 

1,116,000

 

 

1,374,000

Redetermination of prior year taxes

 

 

 —

 

 

 —

Enactment of the 2017 Tax Reform Act

 

 

 —

 

 

(1,941,000)

Change in valuation allowance

 

 

(3,359,000)

 

 

(3,136,000)

Net income tax provision

 

$

 —

 

$

 —