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EXCEL - IDEA: XBRL DOCUMENT - DYM ENERGY CorpFinancial_Report.xls
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EX-31.1 - DYM ENERGY Corpdym10kex311083112.htm
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10-K - DYM ENERGY, INC. - DYM ENERGY Corpdym10k083112.htm
v2.4.0.6
Income Taxes
12 Months Ended
Aug. 31, 2012
Income Tax Disclosure [Abstract]  
Income Taxes
7.      Income Taxes
 
The company adopted the provision of ASC740, “Accounting for Income Taxes”. Pursuant to ASC740 the Company is required to compute tax asset benefits for net operating losses carried forward.  The potential benefits of net operating losses have not been recognized in the financial statements because the Company cannot be assured that it is more likely that not that it will utilize the net operating losses carried forward in future years.
  
The components of the net deferred tax asset at August 31, 2012 and 2011, the statutory tax rate, the effective tax rate and the elected amount of the valuation allowance are listed below:
 
   
August 31,
   
August 31,
 
   
2012
   
2011
 
    $     $  
                 
Net Loss before taxes 
    (122,342 )     (51,724 )
Statutory rate 
    34 %     34 %
                 
Computed expected tax recovery 
    (41,596 )     (17,586 )
Non-deductible expenses 
           
Other
    (2,176 )      
                 
Change in valuation allowance 
    43,772       17,586  
Reported income taxes 
           
                 
Deferred tax asset 
               
- Cumulative net operating losses 
    129,870       86,098  
- Less valuation allowance 
    (129,870 )     (86,098 )
                 
Net deferred tax asset 
           
 

The Company has incurred operating losses of $380,517 for income tax purposes which will expire from 2026 through 2032. Future tax benefits, which may arise as a result of these losses, have not been recognized in these financial statements, and have been offset by a valuation allowance.
 
 
 
The ability of the Company to utilize their Net Operating Loss carryforwards to reduce future federal taxable income and federal income tax is subject to various limitations under the Internal Revenue Code of 1986, as amended. The utilization of such carryforwards may be limited upon the occurrence of certain ownership changes, including the issuance or exercise of rights to acquire stock, the purchase or sale of stock by 5% stockholders, as defined in the Treasury regulations, and the offering of stock during any three-year period resulting in an aggregate change of more than 50% in the beneficial ownership of the Company.  The Company is currently evaluating any potential limitations.