GOLF ROUNDS COM INC - FORM 10-K - XML - IDEA: XBRL DOCUMENT - December 13, 2012

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v2.4.0.6
INCOME TAXES
 12 Months Ended
Aug. 31, 2012
Income Tax Disclosure [Abstract]  
Note 4. INCOME TAXES

The components of the benefit (provision) for income taxes from continuing operations are as follows:

 

    For the     For the  
    Year Ended     Year Ended  
    August 31, 2012     August 31, 2011  
Current (benefit) provision: federal   $ -     $ -  
Current (benefit) provision: state     -       -  
Total current provision     -       -  
                 
Deferred (benefit) provision: federal     -       -  
Deferred (benefit) provision: state     -       -  
Total deferred provision     -       -  
                 
Total provision (benefit) for income taxes from continuing operations   $ -     $ -  


Significant items making up the deferred tax assets and deferred tax liabilities are as follows:

 

    August 31, 2012     August 31, 2011  
Long-term deferred taxes:            
Operating loss carryforwards-federal   $ 598,000     $ 617,000  
Operating loss carryforwards-state     124,000       117,000  
Total deferred taxes     722,000       734,000  
Less: valuation allowance     (722,000 )     (734,000 )
Net deferred tax assets   $ -     $ -  

 

A valuation allowance is established if it is more likely than not that all or a portion of the deferred tax asset will not be realized.  Accordingly, a valuation allowance was established in 2012 and 2011 for the full amount of the deferred tax asset due to the uncertainty of realization.  Management believes that based upon its projection of future taxable operating income for the foreseeable future, it is more likely than not that the Company will not be able to realize the benefit of the deferred tax asset at August 31, 2012. The net change in the valuation allowance during the year ended August 31, 2012 was a decrease of $12,000.  The valuation allowance as of August 31, 2012 was $722,000.

 

 

The amounts and corresponding expiration dates of the Company’s unused net operating loss carryforwards are shown in the following table as of August 31, 2012:

 

Year   Federal     Georgia  
2014   $ 43,000     $ -  
2015     389,000       89,000  
2016     218,000       129,000  
2017     187,000       207,000  
2018     157,000       175,000  
2024     321,000       340,000  
2025     117,000       168,000  
2026     72,000       165,000  
2027     32,000       141,000  
2028     86,000       134,000  
2029     124,000       126,000  
2030     139,000       139,000  
2031     135,000       135,000  
2032     115,000       115,000  
    $ 2,135,000     $ 2,063,000  


The Company’s effective income tax (benefit) rate for continuing operations differs from the statutory federal income tax benefit rate as follows:

 

    For the     For the  
    Year Ended     Year Ended  
    August 31, 2012     August 31, 2011  
Federal tax benefit (provision) rate     28 %     28 %
State tax benefit (provision) rate     4 %     4 %
Temporary differences     4 %     3 %
Permanent differences     0 %     0 %
Change in valuation allowance     -36 %     -35 %
Effective Income tax (benefit) provision rate from continuing operations     0 %     0 %


In accordance with certain provisions of the Tax Reform Act of 1986 a change in ownership of greater than 50% percent of a corporation within a three-year period will place an annual limitation on the corporation’s ability to utilize its existing tax benefit carryforwards. Such a change in ownership may have occurred in connection with the private placement of securities. Additionally, the Company’s utilization of its tax benefit carryforwards may be restricted in the event of possible future changes in the ownership of the Company from the exercise of options or other future issuances of common stock.

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