v3.22.2.2
INCOME TAXES (Tables)
12 Months Ended
Aug. 31, 2022
Income Tax Disclosure [Abstract]  
Schedule of effective income tax rate reconciliation

The following table sets forth a reconciliation of the federal income tax benefit to the United States federal statutory rate of 21% for the years ended August 31, 2022 and 2021:

Schedule of effective income tax rate reconciliation

   2022   2021 
Income tax benefit (expense) at 21% statutory rate  $609,785   $(429,282)
Stock-based compensation   (105,723)   (184,893)
(Increase) decrease in valuation allowance   (504,062)   614,175 
Reconciliation of the federal income tax benefit  $   $ 
Schedule of deferred tax assets and liabilities

Management has established a valuation allowance because, based on an analysis of the tax benefits underlying deferred tax assets, it is unable to establish that it is more-likely-than-not that a tax benefit will be realized. Significant components of deferred tax asset at August 31, 2022 and 2021 are as follows:

 

   2022   2021 
Net operating loss carryforward  $4,522,754   $4,341,024 
Difference in property and equipment basis   796,890    474,558 
Less valuation allowance   (5,319,644)   (4,815,582)
Net deferred tax asset  $   $