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INCOME TAXES | 12 Months Ended
--- | ---
Aug. 31, 2017
Income Taxes |
INCOME TAXES | 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, |
|  | 2017 |  |  | 2016 |
Deferred tax assets: |  |  |  |  |  |
Net operating loss carryforwards |  | $ | 2,893,600 |  |  | $ | 2,393,200 |
Deferred revenue |  |  | 316,400 |  |  |  | 344,300 |
Depreciation and depletion |  |  | 289,200 |  |  |  | 247,400 |
Other |  |  | 88,000 |  |  |  | 65,600 |
Valuation allowance |  |  | (3,587,200 | ) |  |  | (3,050,500 | )
Net deferred tax asset |  | $ | - |  |  | $ | - |
The Company has recorded a valuation allowance against the deferred tax assets as it is more likely than not that all or some portion of specific deferred tax assets will not be realized, primarily due to the fact that the Company has generated a cumulative net loss position over the past three fiscal years. 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, |
|  | 2017 |  |  | 2016 |  |  | 2015 |
Expected benefit from federal taxes at statutory rate of 34% |  | $ | (571,500 | ) |  | $ | (420,300 | ) |  | $ | (195,500 | )
State taxes, net of federal benefit |  |  | (55,500 | ) |  |  | (40,700 | ) |  |  | (19,000 | )
Permanent and other differences |  |  | 90,300 |  |  |  | 84,500 |  |  |  | 91,900 |
Change in valuation allowance |  |  | 536,700 |  |  |  | 376,500 |  |  |  | 122,600 |
Total income tax expense / (benefit) |  | $ | - |  |  | $ | - |  |  | $ | - |
At August 31, 2017, the Company has $7.9 million of net operating loss carryforwards available for income tax purposes, which expire between fiscal 2032 and 2037. No net operating loss carryforwards expired during the fiscal years ended August 31, 2017, 2016 or 2015.

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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 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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