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Income Taxes (Tables)
12 Months Ended
Aug. 31, 2022
Income Tax Disclosure [Abstract]  
Summary of Components of Loss Before Provision for Income Taxes

The components of loss before provision for income taxes are as follows:

 

 

 

Fiscal Years Ended August 31,

 

 

 

2022

 

 

2021

 

 

2020

 

 

 

(amounts in thousands)

 

US

 

$

(690

)

 

$

(10,189

)

 

$

(16,184

)

Total

 

$

(690

)

 

$

(10,189

)

 

$

(16,184

)

 

Summary of Components of Provision for Income Taxes

The components of the provision for income taxes are as follows:

 

 

 

Fiscal Years Ended August 31,

 

 

 

2022

 

 

2021

 

 

2020

 

 

 

(amounts in thousands)

 

Current:

 

 

 

 

 

 

 

 

 

Federal

 

$

 

 

$

 

 

$

 

State

 

 

74

 

 

 

106

 

 

 

53

 

Total current

 

 

74

 

 

 

106

 

 

 

53

 

Deferred:

 

 

 

 

 

 

 

 

 

Federal

 

 

 

 

 

 

 

 

1,047

 

State

 

 

 

 

 

 

 

 

74

 

Total deferred

 

 

 

 

 

 

 

 

1,121

 

Total

 

$

74

 

 

$

106

 

 

$

1,174

 

 

Summary of Reconciliation of Statutory Federal Income Tax Rate The reconciliation of the statutory federal income tax rate to the Company’s effective tax rate was as follows:

 

 

Fiscal Years Ended August 31,

 

 

 

2022

 

 

2021

 

 

2020

 

Tax at federal statutory rate

 

 

21.0

%

 

 

21.0

%

 

 

21.0

%

Employer tip credit

 

 

125.8

 

 

 

3.8

 

 

 

0.9

 

Stock-based compensation

 

 

29.7

 

 

 

(0.2

)

 

 

(0.8

)

Change in valuation allowance

 

 

(186.1

)

 

 

(24.7

)

 

 

(28.3

)

Other items

 

 

3.7

 

 

 

(0.1

)

 

 

0.5

 

State tax, net of federal benefit

 

 

(4.8

)

 

 

(0.8

)

 

 

(0.6

)

Effective tax rate

 

 

(10.7

)%

 

 

(1.0

)%

 

 

(7.3

)%

Summary of Deferred Income Tax Assets and Liabilities

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

 

 

 

As of August 31,

 

 

 

2022

 

 

2021

 

 

 

(amounts in thousands)

 

Deferred tax assets:

 

 

 

 

 

 

NOL carryover

 

$

7,047

 

 

$

7,324

 

General business credit

 

 

3,595

 

 

 

2,496

 

Lease liabilities

 

 

24,095

 

 

 

18,807

 

State tax deduction

 

 

25

 

 

 

22

 

Other

 

 

1,127

 

 

 

1,089

 

Gross deferred tax assets

 

 

35,889

 

 

 

29,738

 

Deferred tax liabilities:

 

 

 

 

 

 

Basis difference on fixed assets

 

 

(4,810

)

 

 

(4,477

)

Right-of-use assets

 

 

(21,353

)

 

 

(16,880

)

Gross deferred tax liabilities

 

 

(26,163

)

 

 

(21,357

)

Valuation allowance

 

 

(9,726

)

 

 

(8,381

)

Net deferred tax

 

$

 

 

$