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v2.4.0.6
Income Taxes
12 Months Ended
Aug. 31, 2012
Income Tax Disclosure [Abstract]  
Income Taxes

NOTE  8 – INCOME TAXES

 

The Company provides for income taxes under FASB ASC 740, Accounting for Income Taxes. FASB 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 currently.

 

FASB 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. In the Company’s opinion, it is uncertain whether they will generate sufficient taxable income in the future to fully utilize the net deferred tax asset. Accordingly, a valuation allowance equal to the deferred tax asset has been recorded. The total gross deferred tax asset at August 31, 2012 is $430,454, which is calculated by multiplying a 34% estimated tax rate by the cumulative net operating loss (NOL).  Changes in the gross deferred tax asset for the past two fiscal years is as follows:

 

For the period ended August 31,   2012     2011  
Book loss for the year   $ (474,997 )   $ (692,217 )
Adjustments:     -       -  
Tax loss for the year     (474,997 )     (692,217 )
Estimated effective tax rate     34 %     34 %
Deferred tax asset   $ 161,500     $ 235,353  

 

The total valuation allowance at August 31, 2012 is $430,454. Details of changes in the valuation allowance for the last two periods are as follows:

 

For the period ended August 31, 2012   2012     2011  
Deferred tax asset   $ 161,500     $ 235,353  
Valuation allowance     (161,500 )     (235,353 )
Current taxes payable     -       -  
Income tax expense   $ -     $ -  

 

Below is a chart showing the estimated corporate federal net operating loss (NOL) and the year in which it will expire. The total NOL carryforward as of August 31, 2012 was $1,266,041 as itemized below:

 

Year  

Amount

$

    Expiration  
2006     43,985       2026  
2007     25,000       2027  
2008     9,000       2028  
2009     10,000       2029  
2010     10,842       2030  
2011     692,217       2031  
2012     474,997       2032  
      1,266,041