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EXCEL - IDEA: XBRL DOCUMENT - Fresh Healthy Vending International, Inc.Financial_Report.xls
10-K - FORM 10-K - Fresh Healthy Vending International, Inc.g4m_10k-aug2012.htm
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EX-31 - RULE 13A-14(A)/ 15D-14(A) CERTIFICATION OF CHIEF EXECUTIVE & FINANCIAL OFFICER - Fresh Healthy Vending International, Inc.g4m-ex31_aug2012.htm
EX-32 - SECTION 1350 CERTIFICATION OF CEO AND CFO - Fresh Healthy Vending International, Inc.g4m-ex32_aug2012.htm
EX-14 - CODE OF ETHICS - Fresh Healthy Vending International, Inc.g4m_ex14-codeofethics.htm
v2.4.0.6
PROVISION FOR INCOME TAXES
12 Months Ended
Aug. 31, 2012
Income Tax Disclosure [Abstract]  
PROVISION FOR INCOME TAXES

NOTE 4 -      PROVISION FOR INCOME TAXES

 

The Company provides for income taxes under ASC 740, Accounting for Income Taxes. ASC 740 requires the use of an asset and liability approach in accounting for income taxes. Deferred tax assets and liabilities are recorded based on the differences between the financial statement and tax bases of assets and liabilities and the tax rates in effect when these differences are expected to reverse. ASC 740 requires the reduction of deferred tax assets by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized.

 

The provision for income taxes differs from the amounts which would be provided by applying the statutory federal income tax rate of 34% to the net loss before provision for income taxes for the following reasons:

 

 

August 31, 2012

 

August 31,

2011

Income tax expense at statutory rate

$

(15,078)

$

(556)

Valuation allowance

 

15,078

 

556

Income tax expense per books

$

-

$

-

 

 

Net deferred tax assets consist of the following components as of:

 

 

August 31, 2012

 

August 31,

2011

NOL Carryover

$

15,634

$

556

Valuation allowance

 

(15,634)

 

(556)

Net deferred tax asset

$

-

$

-

 

Due to the change in ownership provisions of the Income Tax laws of United States of America, net operating loss carry forwards of approximately $45,981 for federal income tax reporting purposes are subject to annual limitations. When a change in ownership occurs, net operating loss carry forwards may be limited as to use in future years.