Annual report pursuant to Section 13 and 15(d)

Workers Compensation

v3.19.3.a.u2
Workers Compensation
12 Months Ended
Aug. 31, 2019
Workers Compensation  
Note 6: Workers Compensation

The Company has two workers compensation programs in effect during the years ended August 31, 2019 and 2018. The Everest program covered corporate and worksite employees from July 1, 2017 until June 30, 2018 and the SUNZ program covered corporate and worksite employees since July 1, 2018. The following table summarizes the workers’ compensation deposit for the years ended August 31, 2019 and 2018:

 

 

Everest

Program

 

SUNZ

 Program

 

Total

 

Workers’ Comp Deposit at August 31, 2017

 

$

2,335,000

 

-

 

$

2,335,000

 

Premiums paid

 

(819,000

)

 

-

 

(819,000

)

Paid in deposits

 

-

 

2,386,000

 

2,386,000

 

Claim losses

 

-

 

(28,000

)

 

(28,000

)

Workers’ Comp Deposit at August 31, 2018

 

$

1,516,000

 

2,358,000

 

$

3,874,000

 

Premiums paid

 

(144,000

)

 

-

 

(144,000

)

Paid in deposits

 

-

 

7,730,000

 

7,730,000

 

Claim losses

 

(149,000

)

 

(1,850,000

)

 

(1,999,000

)

Deposit refund

 

(1,223,000

)

 

-

 

(1,223,000

)

Workers’ Comp Deposit at August 31, 2019

 

$

-

 

8,238,000

 

$

8,238,000

 

Less Current Amount

 

-

 

(1,957,000

)

 

(1,957,000

)

Long Term Balance at August 31, 2019

 

$

-

 

6,281,000

 

$

6,281,000

 

The following table summarizes the accrued workers’ compensation liability for the years ended August 31, 2019 and 2018:

 

 

Everest

Program

 

SUNZ

Program

 

Total

 

Workers’ Comp Liability at August 31, 2017

 

-

 

-

 

-

 

Claim loss development

 

$

572,000

 

662,000

 

$

1,234,000

 

Paid in losses

 

-

 

(28,000

)

 

(28,000

)

Workers’ Comp Liability at August 31, 2018

 

$

572,000

 

634,000

 

$

1,206,000

 

Claim loss development

 

-

 

7,129,000

 

7,129,000

 

Paid in losses

 

(149,000

)

 

(1,850,000

)

 

(1,999,000

)

Workers’ Comp Liability at August 31, 2019

 

$

423,000

 

5,913,000

 

$

6,336,000

 

Less Current Amount

 

(159,000

)

 

(1,798,000

)

 

(1,957,000

)

Long Term Balance at August 31, 2019

 

$

264,000

 

4,115,000

 

$

4,379,000