v3.26.1
Income Taxes
 1 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes

Note 5 — Income Taxes

 

The Company accounts for income taxes under ASC 740-10, which provides for an asset and liability approach of accounting for income taxes. Under this approach, deferred tax assets and liabilities are recognized based on anticipated future tax consequences, using currently enacted tax laws, attributed to temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts are calculated for income tax purposes. The provision (benefit) for income taxes for the transition period ended December 31, 2025, and the fiscal years ended November 30, 2025 and November 30, 2024, assumes a statutory 21%, effective tax rate for federal income taxes.

 

  

   Transition Period Ended
December 31, 2025		   Fiscal Year Ended
November 30, 2025		   

Fiscal Year Ended
November 30, 2024

  
Federal tax statutory rate   21%   21%     21 %
Temporary differences   0%   0%     0 %
Permanent differences   0%   0%     0 %
Valuation allowance   -21%   -21%     -21 %
Total   0%   0%     0 %

 

The Company had deferred income tax assets as of the transition period ended December 31, 2025, and the fiscal year ended November 30, 2024, as follows:

 

   

   Transition Period Ended
December 31, 2025		   Fiscal Year Ended
November 30, 2025		    Fiscal Year Ended
November 30, 2024		  
Deferred Tax Assets              
Net operating loss carryforwards  $2,719,000   $2,521,400    $ 1,242,300  
Temporary differences   -    -      -  
Permanent differences   -    -      -  
Valuation allowance   (2,719,000)   (2,521,400)     (1,242,300 )
Net deferred tax assets  $-   $-    $ -  

 

 

The Company provides for a valuation allowance when it is more likely than not that it will not realize a portion of the deferred tax assets. The Company has established a valuation allowance against the net deferred tax asset due to the uncertainty that enough taxable income will be generated in those taxing jurisdictions to utilize the assets. Therefore, the Company has not reflected any benefit of such deferred tax assets in the accompanying financial statements. The Company’s net deferred tax asset and valuation allowance increased by $197,600 for the transition period ended December 31, 2025.

 

At the transition period ended December 31, 2025, the Company had approximately $12,947,483 in federal net operating loss carryforwards, substantially all of which are allowed to be carried forward indefinitely and are to be limited to 80% of the taxable income. Pursuant to Internal Revenue Code Section 382, the future utilization of the Company’s net operating loss carryforwards to offset future taxable income may be subject to an annual limitation as a result of ownership changes that may have occurred previously or that could occur in the future.

 

At the transition period ended December 31, 2025, the Company had no uncertain tax positions, or interest and penalties, that qualify for either recognition or disclosure in the financial statements. The company is subject to U.S. federal, state, and local income tax examinations by tax authorities. The tax returns for the transition period ended December 31, 2025, and fiscal year ended November 30, 2025 have not yet been filed.