INCOME TAXES (Tables)

3 Months Ended

Nov. 30, 2019

INCOME TAXES [Abstract]

Deferred Tax Assets

Significant components of the Company’s deferred tax assets as of November 30, 2019 and August 31, 2019 are as follows:

	For the Periods Ended:
	November 30, 2019			August 31, 2019
Deferred tax assets (liabilities):
Net operating loss carryforwards	$	—		$	609,439
Accrued compensation		—			113,559
Deferred revenues		134,670			149,895
Depreciation and depletion		(52,976	)		(46,408	)
Non-qualified stock options		436,614			410,633
Other		46,128			46,128
Net deferred tax asset	$	564,436		$	1,283,246