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v2.4.0.6
INCOME TAXES (Tables)
12 Months Ended
Aug. 31, 2012
Income Tax Disclosure [Abstract]  
Components of the benefit (provision) for income taxes

The components of the benefit (provision) for income taxes from continuing operations are as follows:

 

    For the     For the  
    Year Ended     Year Ended  
    August 31, 2012     August 31, 2011  
Current (benefit) provision: federal   $ -     $ -  
Current (benefit) provision: state     -       -  
Total current provision     -       -  
                 
Deferred (benefit) provision: federal     -       -  
Deferred (benefit) provision: state     -       -  
Total deferred provision     -       -  
                 
Total provision (benefit) for income taxes from continuing operations   $ -     $ -  
Schedule of deferred tax assets and deferred tax liabilities

Significant items making up the deferred tax assets and deferred tax liabilities are as follows:

 

    August 31, 2012     August 31, 2011  
Long-term deferred taxes:            
Operating loss carryforwards-federal   $ 598,000     $ 617,000  
Operating loss carryforwards-state     124,000       117,000  
Total deferred taxes     722,000       734,000  
Less: valuation allowance     (722,000 )     (734,000 )
Net deferred tax assets   $ -     $ -  
Amounts and corresponding expiration dates of the Company's unused net operating loss carryforwards

The amounts and corresponding expiration dates of the Company’s unused net operating loss carryforwards are shown in the following table as of August 31, 2012:

 

Year   Federal     Georgia  
2014   $ 43,000     $ -  
2015     389,000       89,000  
2016     218,000       129,000  
2017     187,000       207,000  
2018     157,000       175,000  
2024     321,000       340,000  
2025     117,000       168,000  
2026     72,000       165,000  
2027     32,000       141,000  
2028     86,000       134,000  
2029     124,000       126,000  
2030     139,000       139,000  
2031     135,000       135,000  
2032     115,000       115,000  
    $ 2,135,000     $ 2,063,000  
Schedule of effective income tax (benefit) rate

The Company’s effective income tax (benefit) rate for continuing operations differs from the statutory federal income tax benefit rate as follows:

 

    For the     For the  
    Year Ended     Year Ended  
    August 31, 2012     August 31, 2011  
Federal tax benefit (provision) rate     28 %     28 %
State tax benefit (provision) rate     4 %     4 %
Temporary differences     4 %     3 %
Permanent differences     0 %     0 %
Change in valuation allowance     -36 %     -35 %
Effective Income tax (benefit) provision rate from continuing operations     0 %     0 %