XML 68 R30.htm IDEA: XBRL DOCUMENT
v2.4.0.8

INCOME TAXES (Tables) | 12 Months Ended
--- | ---
Aug. 31, 2013
Income Tax Disclosure [Abstract] |
Schedule of deferred tax assets | Significant components of the Company’s deferred tax assets as of August 31 are as follows:
|  | For the Fiscal Years Ended August 31, |
|  | 2013 |  |  | 2012 |
Deferred tax assets: |  |  |  |  |  |
Net operating loss carryforwards |  | $ | 6,080,000 |  |  | $ | 5,948,300 |
Imputed interest on Tap Participation Fee |  |  | 10,074,200 |  |  |  | 8,852,500 |
Deferred revenue |  |  | 494,600 |  |  |  | 560,700 |
Impairment charges |  |  | — |  |  |  | 2,408,800 |
Depreciation and depletion |  |  | 4,899,800 |  |  |  | 2,425,700 |
Other |  |  | 43,600 |  |  |  | 45,000 |
Valuation allowance |  |  | (21,592,200 | ) |  |  | (20,241,000 | )
Net deferred tax asset |  | $ | — |  |  | $ | — |
Schedule of income tax reconciliation | Income taxes computed using the federal statutory income tax rate differs from our effective tax rate primarily due to the following for the fiscal years ended August 31:
|  | For the Fiscal Years Ended August 31, |
|  | 2013 |  |  | 2012 |  |  | 2011 |
Expected benefit from federal taxes at statutory rate of 34% |  | $ | (1,411,200 | ) |  | $ | (5,922,300 | ) |  | $ | (2,045,500 | )
State taxes, net of federal benefit |  |  | (137,000 | ) |  |  | (574,800 | ) |  |  | (198,500 | )
Expiration of net operating losses |  |  | 147,400 |  |  |  | 90,000 |  |  |  | 121,000 |
Permanent and other differences |  |  | 27,400 |  |  |  | 25,800 |  |  |  | 37,800 |
Change in valuation allowance |  |  | 1,373,400 |  |  |  | 6,381,300 |  |  |  | 2,085,200 |
Total income tax expense / benefit |  | $ | — |  |  | $ | — |  |  | $ | — |

X
- Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration