Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.10.0.1
Income Taxes (Tables)
12 Months Ended
Aug. 31, 2018
Income Taxes Tables  
Significant components of the net deferred tax assets
    August 31,  
    2018     2017  
    (in thousands)  
Deferred tax liabilities:            
Depreciation   $ (21,000 )   $ -  
Software development costs     (835,000 )     -  
Total deferred tax liabilities     (856,000 )     -  
                 
Deferred tax assets:                
Net operating loss carryforward     8,010,000       4,026,000  
Workers’ compensation accruals     360,000       -  
Stock-based compensation     172,000       160,000  
Deferred rent     16,000       23,000  
Total deferred tax assets     8,558,000       4,209,000  
Valuation allowance     (7,702,000 )     (4,209,000 )
Total net deferred tax assets     856,000       -  
                 
Net deferred tax assets   $ -     $ -  
Summary of benefit for income taxes
   

August 31,

2018

   

August 31,

2017

 
Benefit computed at statutory federal rate   $ 4,145,000     $ 2,535,000  
Non-deductible penalties and other permanent differences   $ (177,000 )   $ (85,000 )
State taxes (8.84%)   $ 1,466,000     $ 659,000  
Redetermination of prior year taxes   $ -     $ 104,000  
Enactment of the 2017 Tax Reform Act   $ (1,941,000 )        
Change in valuation allowance   $ (3,493,000 )   $ (3,213,000 )
Net income tax provision   $ -     $ -