Red Giant Entertainment, Inc. - FORM 10-K - XML - IDEA: XBRL DOCUMENT - November 29, 2011

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NOTE 7 – INCOME TAXES
12 Months Ended
Aug. 31, 2011
Notes to Financial Statements 
NOTE 7 – INCOME TAXES

At August 31, 2011, the Company had deferred tax assets of approximately $37,000 principally arising from net operating loss carryforwards for income tax purposes. As our management cannot determine that it is more likely than not that we will realize the benefit of the deferred tax asset, a valuation allowance equal to the deferred tax asset has been established at August 31, 2011. A reconciliation of income taxes at statutory rates with the reported taxes is as follows:

 

    August 31, 2010   August 31, 2010
Net loss before income taxes $ 106,606 $ 27,180
         
Income tax recovery at statutory rates of 35%   37,300   9,513
Unrecognized benefits of non-capital losses   (37,300)   (9,513)
Total income tax recovery $ - $ -

 

The significant components of the deferred tax asset at August 31, 2011 and 2010 were as follows:

 

    August 31, 2011   August 31, 2010
Net operating loss carryforwards $ 69,500 $ 32,200
Valuation allowance   (69,500)   (32,200)
Net deferred tax asset $ - $ -

 

At August 31, 2011, we had net operating loss carryforwards of approximately $198,582, which expire in the year 2026 through 2031. The change in valuation allowance from 2010 to 2011 was $37,300.

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