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

%