INCOME TAXES (Tables)

12 Months Ended

Aug. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of pre-tax income (loss)

For financial reporting purposes, income before income taxes for fiscal 2020 and 2019 includes the following components:

	For the Year Ended August 31,
	2020		2019
Pre-tax loss	$	(77,872)	$	(39,509)
Foreign pre-tax income	187		—
Loss before income taxes (benefit)	$	(77,685)	$	(39,509)

Schedule of components of the provision for federal tax and state tax

The components of the provision for income taxes for fiscal 2020 and 2019 are as follows:

	For the Year Ended August 31,
	2020		2019
Current
Federal tax	$	(118)	$	—
State tax	42		17
Foreign tax	—		13
Total	$	(76)	$	30
Deferred
Federal tax	12		29
State tax	35		68
Total	47		97
Total tax provision	$	(29)	$	127

Schedule of net earnings before income taxes

The income tax benefit differs from the amount computed by applying the federal income tax rate to net earnings before income taxes. The provision for income tax consists of the following:

	For the Year Ended August 31,
	2020		2019
Federal income tax/benefit attributable to:
Income tax provision at statutory rate	$	(16,314)	$	(8,297)
State taxes, net of federal benefit	(4,513)		(2,310)
Change in fair value of warrants	(1,067)		(1,952)
Stock-based and other compensation	790		1,338
Change in Contingent Consideration Payable	—		(374)
Other	112		(64)
Less: Change in valuation of allowance	20,963		11,786
Income tax expense (benefit)	$	(29)	$	127

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act, or the CARES Act, was signed into law. The CARES Act includes tax provisions applicable to businesses, such as net operating losses, enhanced interest deductibility, optional deferral of deposits of payroll taxes and a refundable employee retention payroll tax credit. We have determined that these provisions did not have an impact to our condensed consolidated financial statements for the year ended August 31, 2020.

Schedule of net deferred tax assets and liabilities

The tax effects of the temporary differences that give rise to the deferred tax assets and liabilities are as follows:

	For the Year Ended August 31,
	2020		2019
Deferred tax assets
Net operating loss carry-forwards	$	27,036	$	9,451
Stock-based compensation	4,224		2,519
Inventory	4,074		1,671
Other	1,325		871
	36,659		14,512
Valuation allowance	(33,816)		(12,854)
	2,843		1,658
Deferred tax liabilities
Depreciation, amortization and other	(2,987)		(1,755)
	(2,987)		(1,755)
Net deferred tax asset (liability)	$	(144)	$	(97)