INCOME TAXES (Tables)

12 Months Ended

Jul. 31, 2022

INCOME TAXES [Abstract]

Schedule of Components of Income Tax Expense

The provision for income tax expense by fiscal year consists of the following (in thousands):

	2022		2021
Current
Federal	$	1,681	$	(683)
Foreign	16		2
State	696		309
Current Income Tax Total	2,393		(372)
Deferred
Federal	(1,868)		2,440
Foreign	(41)		(48)
State	(387)		368
Deferred Income Tax Total	(2,296)		2,760
Total Income Tax Expense	$	97	$	2,388

Schedule of Effective Income Tax Rate Reconciliation

Principal reasons for variations between the statutory federal rate and the effective rates by fiscal year were as follows:

	2022		2021
U.S. federal income tax rate	21.0	%	21.0	%
Depletion deductions allowed for mining	(20.1)		(5.4)
State income tax expense, net of federal tax expense	4.5		5.1
Nondeductible officer compensation	2.4		4.0
Tax credits	(3.1)		(2.5)
Statutory rate change of foreign subsidiaries	—		(0.7)
Valuation allowance - foreign	6.9		2.5
Foreign tax differential	(5.3)		(1.5)
Prior year income taxes	(9.5)		(4.0)
Goodwill impairment	3.1		—
Other	1.8		(0.8)
Effective income tax rate	1.7	%	17.7	%

Schedule of Deferred Tax Assets and Liabilities

The Consolidated Balance Sheets included the following tax effects of cumulative temporary differences as of July 31 (in thousands):`

	2022				2021
	Assets		Liabilities		Assets		Liabilities
Depreciation	$	—	$	4,356	$	—	$	5,870
Deferred compensation	1,499		—		1,593		—
Postretirement benefits	209		—		1,296		—
Goodwill	62		—		—		1,073
Lease right of use assets	—		2,700		—		2,160
Lease liabilities	3,040		—		2,524		—
Allowance for doubtful accounts	95		—		176		—
Deferred marketing expenses	—		22		—		133
Other assets	1		—		289		—
Other liabilities	—		23		—		—
Accrued expenses	2,362		—		2,402		—
Tax credits	223		—		87		—
Amortization	1,046		—		1,028		—
Inventories	366		—		351		—
Depletion	—		154		—		166
Stock-based compensation	1,522		—		1,340		—
Reclamation	549		—		498		—
Other liabilities - foreign	—		42		—		86
Other assets – foreign	1,761		—		1,362		—
Valuation allowance	(1,761)		—		(1,362)		—
Total deferred taxes	$	10,974	$	7,297	$	11,584	$	9,488