Cannabis Global (CBGL) 10-K 6 Nov 14 2014 FY Annual report Financial data

Document_And_Entity_Informatio

Document And Entity Information (USD $)	12 Months Ended
	Aug. 31, 2014	Nov. 06, 2014	Feb. 28, 2014
Document Information [Line Items]	'	'	'
Document Type	'10-K	'	'
Amendment Flag	'false	'	'
Document Period End Date	31-Aug-14	'	'
Document Fiscal Year Focus	'2014	'	'
Document Fiscal Period Focus	'FY	'	'
Trading Symbol	'MCTC	'	'
Entity Common Stock, Shares Outstanding	'	53,864,600	'
Entity Registrant Name	'MICROCHANNEL TECHNOLOGIES CORP	'	'
Entity Central Index Key	'0001413488	'	'
Current Fiscal Year End Date	'--08-31	'	'
Entity Well-known Seasoned Issuer	'No	'	'
Entity Voluntary Filers	'No	'	'
Entity Current Reporting Status	'Yes	'	'
Entity Filer Category	'Smaller Reporting Company	'	'
Entity Public Float	'	'	$256,725

BALANCE_SHEETS

BALANCE SHEETS (USD $)	Aug. 31, 2014	Aug. 31, 2013
ASSETS	'	'
Cash and cash equivalents	$51,744	$21,135
Prepaid expenses	0	241
Total current assets	51,744	21,376
Total assets	51,744	21,376
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)	'	'
Accounts payable	3,315	816
Total current liabilities	3,315	816
Accrued interest	3,141	0
Note payable to shareholder	70,000	0
Total liabilities	76,456	816
Stockholders' equity (deficit)	'	'
Common stock: $0.0001 par value; 300,000,000 shares authorized, 53,864,600 issued and outstanding at August 31, 2014 and August 31, 2013	5,386	5,386
Additional paid-in capital	556,711	556,711
Retained earnings (deficit)	-586,809	-541,537
Total stockholders' equity (deficit)	-24,712	20,560
Total liabilities and stockholders' equity (deficit)	$51,744	$21,376

BALANCE_SHEETS_Parenthetical

BALANCE SHEETS (Parenthetical) (USD $)	Aug. 31, 2014	Aug. 31, 2013
Common Stock, Par or Stated Value Per Share	$0.00	$0.00
Common Stock, Shares Authorized	300,000,000	300,000,000
Common Stock, Shares, Issued	53,864,600	53,864,600
Common Stock, Shares, Outstanding	53,864,600	53,864,600

STATEMENTS_OF_OPERATIONS

STATEMENTS OF OPERATIONS (USD $)	12 Months Ended
	Aug. 31, 2014	Aug. 31, 2013
Revenue	$0	$0
Operating expenses	'	'
Director and officer fees	9,000	9,000
Professional fees	31,424	31,860
Other operating expenses	1,707	2,581
Total operating expenses	42,131	43,441
Loss from operations	-42,131	-43,441
Other income (expense)	'	'
Interest expense	-3,141	0
Total other income (expense)	-3,141	0
Net loss	($45,272)	($43,441)
Net loss per common share: basic	$0	$0
Weighted average number of common shares outstanding: basic	53,864,600	53,864,600

STATEMENTS_OF_STOCKHOLDERS_EQU

STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) (USD $)	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained earnings (deficit) [Member]
Balance at Aug. 31, 2012	$64,001	$5,386	$556,711	($498,096)
Balance (in shares) at Aug. 31, 2012	'	53,864,600	'	'
Net loss	-43,441	0	0	-43,441
Balance at Aug. 31, 2013	20,560	5,386	556,711	-541,537
Balance (in shares) at Aug. 31, 2013	'	53,864,600	'	'
Net loss	-45,272	0	0	-45,272
Balance at Aug. 31, 2014	($24,712)	$5,386	$556,711	($586,809)
Balance (in shares) at Aug. 31, 2014	'	53,864,600	'	'

STATEMENTS_OF_CASH_FLOWS

STATEMENTS OF CASH FLOWS (USD $)	12 Months Ended
	Aug. 31, 2014	Aug. 31, 2013
Cash flows from operating activities	'	'
Net loss	($45,272)	($43,441)
Adjustments to reconcile net loss to net cash used in operating activities:	'	'
Decrease in prepaid expenses	241	547
Increase (decrease) in accounts payable	2,499	-2,583
Increase in accrued interest	3,141	0
Net cash used in operating activities	-39,391	-45,477
Cash flows from financing activities	'	'
Proceeds from the issuance of note payable to shareholder	70,000	0
Net cash provided by financing activities	70,000	0
Increase (decrease) in cash and cash equivalents	30,609	-45,477
Cash and cash equivalents at beginning of period	21,135	66,612
Cash and cash equivalents at end of period	51,744	21,135
Supplemental disclosure of cash flow information:	'	'
Income taxes paid in cash	$0	$0

Organization_and_Description_o

Organization and Description of Business	12 Months Ended
	Aug. 31, 2014
Organization and Description Of Business [Abstract]	'
Organization and Description of Business	'
	Note 1. Organization and Description of Business
	MicroChannel Technologies Corporation (the “Company”) was formed as a wholly-owned subsidiary of New Energy Technologies, Inc. (“New Energy”). New Energy spun off its issued and outstanding shares to New Energy’s shareholders on December 18, 2007. The Company was incorporated under the name MultiChannel Technologies Corporation on February 28, 2005 in the State of Nevada, and changed to its existing name on April 4, 2005.
	The Company is not currently engaged in any business operations. It is, however, in the process of attempting to identify, locate, and if warranted, acquire new commercial opportunities.

Going_Concern_Uncertainties

Going Concern Uncertainties	12 Months Ended
	Aug. 31, 2014
Going Concern Uncertainties [Abstract]	'
Going Concern Uncertainties	'
	Note 2. Going Concern Uncertainties
	The Company has not generated any revenues, has an accumulated deficit of $586,809 as of August 31, 2014, and does not have positive cash flows from operating activities. The Company expects to incur additional losses as it continues to identify and develop new commercial opportunities. The Company will be subject to the risks, uncertainties, and difficulties frequently encountered by early-stage companies. The Company may not be able to successfully address any or all of these risks and uncertainties. Failure to adequately do so could cause the Company’s business, results of operations, and financial condition to suffer. These conditions raise substantial doubt about the Company’s ability to continue as a going concern.
	The Company’s ability to continue as a going concern is an issue due to its net losses and negative cash flows from operations, and its need for additional financing to fund future operations. Management plans to identify commercial opportunities and to obtain necessary funding from outside sources. There can be no assurance that such funds, if available, can be obtained on terms reasonable to the Company. The accompanying financial statements have been prepared assuming that the Company will continue as a going concern and do not include any adjustments that may result from the outcome of this uncertainty. Based on the Company’s current level of expenditures, management believes that cash on hand is adequate to fund operations for at least the next twelve months.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	12 Months Ended
	Aug. 31, 2014
Significant Accounting Policies [Abstract]	'
Significant Accounting Policies	'
	Note 3.  Summary of Significant Accounting Policies
	Basis of Presentation
	The accompanying financial statements have been prepared in accordance with U.S. GAAP.
	Estimates
	The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and expenses during the reporting period. On an on-going basis, the Company evaluates its estimates. Actual results and outcomes may differ materially from the estimates as additional information becomes known
	Cash and Cash Equivalents
	Cash and cash equivalents includes highly liquid investments with original maturities of three months or less. On occasion, the Company has amounts deposited with financial institutions in excess of federally insured limits.
	Fair Value of Financial Instruments
	The Company measures certain financial assets and liabilities at fair value based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. The carrying value of cash and cash equivalents and accounts payable approximate their fair value because of the short-term nature of these instruments and their liquidity. The fair value of note payable to shareholder is $70,000. Management is of the opinion that the Company is not exposed to significant interest or credit risks arising from these financial instruments.
	Income Taxes
	Deferred income tax assets and liabilities are determined based on the estimated future tax effects of net operating loss and credit carryforwards and temporary differences between the tax basis of assets and liabilities and their respective financial reporting amounts measured at the current enacted tax rates. The Company records an estimated valuation allowance on its deferred income tax assets if it is not more likely than not that these deferred income tax assets will be realized.
	The Company recognizes a tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. As of August 31, 2014 and 2013, the Company has not recorded any unrecognized tax benefits. See Note 6. Income Taxes.
	Segment Reporting
	The Company’s business currently operates in one segment.
	Net Loss per Share
	The computation of basic net loss per common share is based on the weighted average number of shares that were outstanding during the year. The computation of diluted net loss per common share is based on the weighted average number of shares used in the basic net loss per share calculation plus the number of common shares that would be issued assuming the exercise of all potentially dilutive common shares outstanding using the treasury stock method. See Note 4. Net Loss Per Share.
	Recently Issued Accounting Pronouncements
	The Company reviews new accounting standards as issued. Although some of these accounting standards issued or effective after the end of the Company’s previous fiscal year may be applicable to the Company, it has not identified any standards that it believes merit further discussion. The Company does not expect the adoption of any recently issued accounting pronouncements to have a significant impact on its financial position, results of operations, or cash flows.
	The Company adopted Accounting Standards Update (“ASU”) 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements during the quarter ended May 31, 2014, thereby no longer presenting or disclosing any information required by Topic 915.

Net_Loss_Per_Share

Net Loss Per Share	12 Months Ended
	Aug. 31, 2014
Net Loss Per Share [Abstract]	'
Net Loss Per Share	'
	Note 4. Net Loss Per Share
	During the years ended August 31, 2014 and 2013, the Company recorded a net loss. The Company does not have any potentially dilutive securities outstanding. Therefore, basic and diluted net loss per share is the same for those periods.

Note_Payable_to_Shareholder

Note Payable to Shareholder	12 Months Ended
	Aug. 31, 2014
Debt Disclosure [Abstract]	'
Note Payable to Shareholder	'
	Note 5. Note Payable to Shareholder
	On January 9, 2014, the Company issued a $70,000 note payable to a shareholder of the Company. The note payable bears interest at an annual rate of 7%. Principal and accrued interest on the note payable are due on January 9, 2016. The outstanding balance of principal and accrued interest may be prepaid without penalty. During the year ended August 31, 2014, the Company recorded interest expense of $3,141 related to the note payable. Accrued interest at August 31, 2014 related to the note payable was $3,141. At August 31, 2014, the original principal balance of $70,000 on the note payable remained outstanding.

Income_Taxes

Income Taxes	12 Months Ended
	Aug. 31, 2014
Income Tax Disclosure [Abstract]	'
Income Tax	'
	Note 6. Income Taxes
	Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets at August 31, 2014 and 2013 are as follows:
		Year Ended
		August 31,
		2014		2013
	Deferred tax assets:
	Net operating loss carryforwards	$	147,538	$	130,566
	Capitalized research and development		5,737		7,317
	Research and development credit carry forward		1,963		1,963
	Total deferred tax assets		155,238		139,846
	Less: valuation allowance		-155,238		-139,846
	Net deferred tax asset	$	—	$	—
	The net increase in the valuation allowance for deferred tax assets was $15,392 and $14,770 for the years ended August 31, 2014 and 2013. The Company evaluates its valuation allowance on an annual basis based on projected future operations. When circumstances change and this causes a change in management’s judgment about the realizability of deferred tax assets, the impact of the change on the valuation allowance is reflected in current operations.
	For federal income tax purposes, the Company has net U.S. operating loss carry forwards at August 31, 2014 available to offset future federal taxable income, if any, of $433,936, which will fully expire by the fiscal year ended August 31, 2034.  Accordingly, there is no current tax expense for the years ended August 31, 2014 and 2013. In addition, the Company has research and development tax credit carry forwards of $1,963 at August 31, 2014, which are available to offset federal income taxes and fully expire by August 31, 2028.
	The utilization of the tax net operating loss carry forwards may be limited due to ownership changes that have occurred as a result of sales of common stock.
	The effects of state income taxes were insignificant for the years ended August 31, 2014 and 2013.
	The following is a reconciliation between expected income tax benefit and actual, using the applicable statutory income tax rate of 34% for the years ended August 31, 2014 and 2013:
		Year Ended
		August 31,
		2014		2013
	Income tax benefit at statutory rate	$	15,392	$	14,770
	Change in valuation allowance		-15,392		-14,770
		$	-	$	-
	The fiscal years 2012 through 2014 remain open to examination by federal authorities and other jurisdictions in which the Company operates.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Aug. 31, 2014
Significant Accounting Policies [Abstract]	'
Basis of Presentation	'
	Basis of Presentation
	The accompanying financial statements have been prepared in accordance with U.S. GAAP.
Estimates	'
	Estimates
	The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and expenses during the reporting period. On an on-going basis, the Company evaluates its estimates. Actual results and outcomes may differ materially from the estimates as additional information becomes known
Cash and Cash Equivalents	'
	Cash and Cash Equivalents
	Cash and cash equivalents includes highly liquid investments with original maturities of three months or less. On occasion, the Company has amounts deposited with financial institutions in excess of federally insured limits.
Fair Value of Financial Instruments	'
	Fair Value of Financial Instruments
	The Company measures certain financial assets and liabilities at fair value based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. The carrying value of cash and cash equivalents and accounts payable approximate their fair value because of the short-term nature of these instruments and their liquidity. The fair value of note payable to shareholder is $70,000. Management is of the opinion that the Company is not exposed to significant interest or credit risks arising from these financial instruments.
Income Taxes	'
	Income Taxes
	Deferred income tax assets and liabilities are determined based on the estimated future tax effects of net operating loss and credit carryforwards and temporary differences between the tax basis of assets and liabilities and their respective financial reporting amounts measured at the current enacted tax rates. The Company records an estimated valuation allowance on its deferred income tax assets if it is not more likely than not that these deferred income tax assets will be realized.
	The Company recognizes a tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. As of August 31, 2014 and 2013, the Company has not recorded any unrecognized tax benefits. See Note 6. Income Taxes.
Segment Reporting	'
	Segment Reporting
	The Company’s business currently operates in one segment.
Net Loss per Share	'
	Net Loss per Share
	The computation of basic net loss per common share is based on the weighted average number of shares that were outstanding during the year. The computation of diluted net loss per common share is based on the weighted average number of shares used in the basic net loss per share calculation plus the number of common shares that would be issued assuming the exercise of all potentially dilutive common shares outstanding using the treasury stock method. See Note 4. Net Loss Per Share.
Recently Issued Accounting Pronouncements	'
	Recently Issued Accounting Pronouncements
	The Company reviews new accounting standards as issued. Although some of these accounting standards issued or effective after the end of the Company’s previous fiscal year may be applicable to the Company, it has not identified any standards that it believes merit further discussion. The Company does not expect the adoption of any recently issued accounting pronouncements to have a significant impact on its financial position, results of operations, or cash flows.
	The Company adopted Accounting Standards Update (“ASU”) 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements during the quarter ended May 31, 2014, thereby no longer presenting or disclosing any information required by Topic 915.

Income_Taxes_Tables

Income Taxes (Tables)	12 Months Ended
	Aug. 31, 2014
Income Tax Disclosure [Abstract]	'
Components of the Deferred Tax Assets	'
	Significant components of the Company’s deferred tax assets at August 31, 2014 and 2013 are as follows:
		Year Ended
		August 31,
		2014		2013
	Deferred tax assets:
	Net operating loss carryforwards	$	147,538	$	130,566
	Capitalized research and development		5,737		7,317
	Research and development credit carry forward		1,963		1,963
	Total deferred tax assets		155,238		139,846
	Less: valuation allowance		-155,238		-139,846
	Net deferred tax asset	$	—	$	—
Income Tax Rate Reconciliation	'
	The following is a reconciliation between expected income tax benefit and actual, using the applicable statutory income tax rate of 34% for the years ended August 31, 2014 and 2013:
		Year Ended
		August 31,
		2014		2013
	Income tax benefit at statutory rate	$	15,392	$	14,770
	Change in valuation allowance		-15,392		-14,770
		$	-	$	-

Going_Concern_Uncertainties_De

Going Concern Uncertainties (Details Textual) (USD $)	Aug. 31, 2014	Aug. 31, 2013
Retained earnings (deficit)	($586,809)	($541,537)

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Details Textual) (USD $)	Aug. 31, 2014
Notes Payable, Fair Value Disclosure	$70,000

Note_Payable_to_Shareholder_De

Note Payable to Shareholder (Details Textual) (USD $)	0 Months Ended	12 Months Ended
	Jan. 09, 2014	Aug. 31, 2014	Aug. 31, 2013
Proceeds from Notes Payable	$70,000	$70,000	$0
Debt Instrument, Interest Rate, Stated Percentage	7.00%	'	'
Interest Expense, Debt	'	3,141	0
Other Accrued Liabilities, Noncurrent	'	3,141	0
Notes Payable, Noncurrent	'	$70,000	$0

Income_Taxes_Details

Income Taxes (Details) (USD $)	Aug. 31, 2014	Aug. 31, 2013
Deferred tax assets:	'	'
Net operating loss carryforwards	$147,538	$130,566
Capitalized research and development	5,737	7,317
Research and development credit carry forward	1,963	1,963
Total deferred tax assets	155,238	139,846
Less: valuation allowance	-155,238	-139,846
Net deferred tax asset	$0	$0

Income_Taxes_Details_1

Income Taxes (Details 1) (USD $)	12 Months Ended
	Aug. 31, 2014	Aug. 31, 2013
Income tax benefit at statutory rate	$15,392	$14,770
Change in valuation allowance	-15,392	-14,770
Income tax expense (benefit)	$0	$0

Income_Taxes_Details_Textual

Income Taxes (Details Textual) (USD $)	12 Months Ended
	Aug. 31, 2014	Aug. 31, 2013
Change in valuation allowance	$15,392	$14,770
Deferred tax assets, operating loss carryforwards, state and local	433,936	'
Research and development credit carry forward	$1,963	$1,963
Income tax benefit at statutory rate	34.00%	'