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EXCEL - IDEA: XBRL DOCUMENT - Daybreak Oil & Gas, Inc.Financial_Report.xls
10-Q - 8-K - Daybreak Oil & Gas, Inc.dbrm10q113012.htm
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EX-31 - EXHIBIT 31.1 - Daybreak Oil & Gas, Inc.exhibit311.htm
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v2.4.0.6
Income Taxes
9 Months Ended
Nov. 30, 2012
Income Tax Disclosure [Abstract]  
Income Taxes

NOTE 13 INCOME TAXES:

 

Reconciliation between actual tax expense (benefit) and income taxes computed by applying the U.S. federal income tax rate and state income tax rates to income from continuing operations before income taxes is as follows:

           
  November 30, 2012   February 29, 2012
Computed at U.S. and state statutory rates (40%) $  (717,373)   $ (573,035)
Permanent differences    9,207     37,325 
Changes in valuation allowance    708,166     535,710 
Total $ -0-   $ -0-

 

Tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred liabilities are presented below:

  November 30, 2012   February 29, 2012
Deferred tax assets:          
Net operating loss carryforwards $ 7,012,463    $ 6,319,866 
Oil and gas properties   (139,943)     (147,148)
Stock based compensation   80,256      71,891 
Less valuation allowance   (6,952,776)     (6,244,609)
Total $ -0-   $ -0-

 

At November 30, 2012, Daybreak had estimated net operating loss carryforwards for federal and state income tax purposes of $17,531,157, which will begin to expire, if unused, beginning in 2024. The valuation allowance increased $708,166 for the nine months ended November 30, 2012 and increased $535,710 for the year ended February 29, 2012. Section 382 of the Internal Revenue Code places annual limitations on the Company’s net operating loss carryforward.

 

The above estimates are based on management’s decisions concerning elections which could change the relationship between net income and taxable income. Management decisions are made annually and could cause the estimates to vary significantly.