General form of registration statement for all companies including face-amount certificate companies

INCOME TAXES (Tables)

v3.22.1
INCOME TAXES (Tables)
 6 Months Ended 12 Months Ended
Nov. 30, 2021
May 31, 2021
Income Tax Disclosure [Abstract]    
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

The following table summarizes the Company’s income tax accrued for the three and six months ended November 30, 2021:

 

 

 

Three Months

November 30, 2021

 

 

Six Months

November 30, 2021

 

Income (loss) before provision for income taxes

 

$

(208,255

)

 

$

547,684

 

Provision for income taxes

 

$

140,717

 

 

$

469,057

 

Effective tax rate

 

 

2.5

%

 

 

8.3

%

 

The components of the income tax provision include:

 

Aggregate revenue (2019-2021)

 

$

39,668,764

 

Directly attributable costs

 

 

(27,810,215

)

Deferred

 

 

11,858,549

 

Tax rate

 

 

21

%

Tax expense

 

$

2,490,295

 

 
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]  

The tax effects of the temporary differences that give rise to the Company’s estimated deferred tax assets and liabilities are as follows:

 

 

 

Year Ended May 31,

 

 

 

2021

 

 

2020

 

Federal and state statutory tax

 

 

21

%

 

 

21

%

Net operating loss carryforward

 

$

1,566,016

 

 

$

2,538,429

 

Valuation allowance for deferred tax assets

 

 

(1,566,016

)

 

 

(2,538,429

)

Deferred tax assets

 

$

-

 

 

$

-