INCOME TAXES (Tables)

9 Months Ended

May 31, 2020

INCOME TAXES [Abstract]

Deferred Tax Assets

Significant components of the Company’s deferred tax assets as of May 31, 2020 and August 31, 2019 are as follows:

	For the Periods Ended:
	May 31, 2020			August 31, 2019
Deferred tax assets (liabilities):
Net operating loss carryforwards	$	—		$	609,439
Accrued compensation		—			113,559
Deferred revenues		104,219			149,895
Depreciation and depletion		(26,120	)		(46,408	)
Non-qualified stock options		449,639			410,633
Other		45,452			46,128
Net deferred tax asset	$	573,190		$	1,283,246