Note 15 - Income Taxes

9 Months Ended

May 31, 2019

Notes to Financial Statements

Income Tax Disclosure [Text Block]

15. INCOME TAXES

On

December 22, 2017,

the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act, or Tax Reform Act. The Tax Reform Act makes broad and complex changes to the U.S. tax code that impacted the Company’s fiscal year ended

August 31, 2018,

including, but

not

limited to, reducing the U.S. federal corporate tax rate from

35%

to

21%

effective

January 1, 2018,

generally eliminating U.S. federal income taxes on dividends received from foreign subsidiaries and joint ventures after

December 31, 2017,

and imposing a

one

-time deemed repatriation tax on certain unremitted earnings of foreign subsidiaries and joint ventures.

The Company recorded income tax expense during the

three

and

nine

months ended

May 31, 2019

of

$150,257

and

$652,331,

respectively, compared to

$181,683

and

$1,128,583

for the

three

and

nine

months ended

May 31, 2018.