Annual report pursuant to Section 13 and 15(d)

Note 13 - Income Taxes (Tables)

v3.10.0.1
Note 13 - Income Taxes (Tables)
 12 Months Ended
Aug. 31, 2018
Income Tax Disclosure [Abstract]  
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
The tax effects of the temporary differences that give rise to the Company’s estimated deferred tax assets and liabilities are as follows:

   

August 31,

    

August 31,

  
   

2018

    

2017

  

Federal and State Statutory Rate

     21.00

%

     35.00

%

Net operating loss carry forwards

   $ 493,777     $ 278,269  

Valuation allowance for deferred tax assets

     (493,777

)

     (278,269

)

Net deferred tax assets

   $ -     $ -  
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
The provision for/ (benefit from) income tax differs from the amount computed by applying the statutory federal income tax rate to income before the provision for/(benefit from) income taxes. The sources and tax effects of the differences are as follows:

   

2018

    

2017

  

Statutory rate on pre-tax book loss

     (21.00

)%

     (35.00

)%

Amortization of discount on notes

     7.70

%

     9.40

%

Gain or loss on derivatives

     (2.30

)%

     4.30

%

Financing penalty

     -       4.70

%

Valuation allowance

     15.60

%

     16.60

%
      0.00

%

     0.00

%