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INCOME TAXES | 12 Months Ended
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Aug. 31, 2015
Income Taxes |
INCOME TAXES | There is a provision of $292,700 for income taxes as of August 31, 2015. Deferred income taxes reflect the tax effects of net operating loss carryforwards and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company's deferred tax assets as of August 31 are as follows:
|  | For the Fiscal Years Ended August 31, |
|  | 2015 |  |  | 2014 |
Deferred tax assets: |  |  |  |  |  |
Net operating loss carryforwards |  | $ | 1,816,200 |  |  | $ | 7,279,900 |
Imputed interest on Tap Participation Fee |  |  | - |  |  |  | 10,609,600 |
Deferred revenue |  |  | 503,300 |  |  |  | 768,400 |
Impairment charges |  |  | - |  |  |  | 2,360,200 |
Depreciation and depletion |  |  | 320,300 |  |  |  | 4,695,900 |
Other |  |  | 34,200 |  |  |  | 26,700 |
Valuation allowance |  |  | (2,674,000 | ) |  |  | (25,740,700 | )
Net deferred tax asset |  | $ | - |  |  | $ | - |
The Company has recorded a valuation allowance against the deferred tax assets as the Company is unable to reasonably determine if it is more likely than not that deferred tax assets will ultimately be realized. 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, |
|  | 2015 |  |  | 2014 |  |  | 2013 |
Expected benefit from federal taxes at statutory rate of 34% |  | $ | (7,863,500 | ) |  | $ | (105,900 | ) |  | $ | (1,411,200 | )
State taxes, net of federal benefit |  |  | (763,200 | ) |  |  | (10,300 | ) |  |  | (137,000 | )
Expiration of net operating losses |  |  | - |  |  |  | 89,400 |  |  |  | 147,400 |
Sale of land and water assets |  |  | (14,239,200 | ) |  |  | 4,078,800 |  |  |  | - |
Permanent and other differences |  |  | 91,900 |  |  |  | 96,500 |  |  |  | 27,400 |
Change in valuation allowance |  |  | 23,066,700 |  |  |  | (4,148,500 | ) |  |  | 1,373,400 |
Income tax expense - current |  | $ | 292,700 |  |  | $ | - |  |  | $ | - |
At August 31, 2015, the Company has $4.3 million of net operating loss carryforwards available for income tax purposes, which expire between fiscal 2032 and 2034. Utilization of these net operating loss carryforwards may be subject to substantial annual ownership change limitations provided by the Internal Revenue Code. Such an annual limitation could result in the expiration of the net operating loss carryforwards before utilization. Net operating loss carryforwards of nil, $239,600 and $395,200 expired during the fiscal years ended August 31, 2015, 2014 and 2013, respectively.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 5: 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
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