INCOME TAXES (Tables)

12 Months Ended

Jul. 31, 2024

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):

	2024		2023
Current
Federal	$	6,059	$	7,503
State	2,243		2,119
Foreign	226		4
Current Income Tax Total	8,528		9,626
Deferred
Federal	934		(3,864)
State	778		(567)
Foreign	(15)		—
Deferred Income Tax Total	1,697		(4,431)
Total Income Tax Expense	$	10,225	$	5,195

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:

	2024		2023
U.S. federal income tax rate	21.0	%	21.0	%
Depletion deductions allowed for mining	(5.3)		(7.7)
State income tax expense, net of federal tax expense	3.5		2.9
Nondeductible officer compensation	2.2		1.5
Stock Based Compensation	(2.1)		—
U.S. Tax Impacts of Foreign Branch	1.3		(0.2)
Tax credits	(0.2)		(0.3)
Valuation allowance - foreign	0.4		(0.2)
Statutory rate change of foreign subsidiaries	0.3		—
Prior year income taxes	(0.3)		(1.3)
Foreign tax differential	0.1		(0.6)
Other	(0.3)		(0.1)
Effective income tax rate	20.6	%	15.0	%

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):

`

	2024				2023
	Assets		Liabilities		Assets		Liabilities
Amortization	$	—	$	6,307	$	935	$	—
Depreciation	—		5,692		—		4,338
Lease liabilities	5,105		—		2,747		—
Lease right of use assets	—		4,778		—		2,412
Accrued expenses	4,347		—		5,303		—
Federal & State NOL carryforward	2,975		—		—		—
Stock-based compensation	1,894		—		1,634		—
Foreign NOL carryforward	1,889		—		1,698		—
Deferred compensation	1,603		—		1,246		—
Capitalized R&D	783		—		269		—
Reclamation	712		—		627		—
Other assets	584		—		608		—
Postretirement benefits	454		—		478		—
Inventories	435		—		203		—
Depletion	—		141		—		158
Goodwill	109		—		—		24
Allowance for credit losses	85		—		135		—
Deferred marketing expenses	—		33		—		11
Other liabilities	—		—		—		301
Tax credits	—		—		301		—
Other liabilities - foreign	—		17		—		41
Valuation allowance	(2,470)		—		(1,698)		—
Total deferred taxes	$	18,505	$	16,968	$	14,486	$	7,285