Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

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INCOME TAXES (Tables)
 12 Months Ended
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     $ -     $ -