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INCOME TAXES (Tables) | 12 Months Ended
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Aug. 31, 2015
Income Taxes Tables |
Schedule of deferred tax assets |
|  | 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 |  | $ | - |  |  | $ | - |
Schedule of income tax reconciliation |
|  | 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 |  |  | $ | - |  |  | $ | - |

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- 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
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- 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
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