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INCOME TAXES (Tables) | 12 Months Ended
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Aug. 31, 2016
Income Taxes Tables |
Schedule of deferred tax assets |
| For the Fiscal Years Ended August 31,
| 2016 | 2015
Deferred tax assets: |  |
Net operating loss carryforwards | $2,393,200 | $1,816,200
Deferred revenue | 344,300 | 503,300
Depreciation and depletion | 247,400 | 320,300
Other | 65,600 | 34,200
Valuation allowance | (3,050,500) | (2,674,000)
Net deferred tax asset | $- | $-
Schedule of income tax reconciliation |
| For the Fiscal Years Ended August 31,
| 2016 | 2015 | 2014
Expected benefit from federal taxes at statutory rate of 34% | $(420,300) | $(195,500) | $97,100
State taxes, net of federal benefit | (40,700) | (19,000) | 9,400
Expiration of net operating losses | - | - | 89,400
Permanent and other differences | 84,500 | 91,900 | 96,500
Change in valuation allowance | 376,500 | 122,600 | (292,400)
Total income tax expense / (benefit) | $- | $- | $-

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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=65882285&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=65882285&loc=d3e32687-109319 + Details
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