v3.26.1
INCOME TAXES (Tables)
6 Months Ended
May 31, 2026
INCOME TAXES  
Summary of components of the income tax provision

For the Three Months

For the Six Months

Ended May 31,

Ended May 31,

  ​ ​ ​

2026

  ​ ​ ​

2025

  ​ ​ ​

2026

  ​ ​ ​

2025

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

Current tax provision

 

  ​

 

  ​

 

  ​

Federal

$

$

$

$

State

 

400

 

1,600

 

800

 

400

 

1,600

 

800

Deferred tax provision (benefit)

 

 

 

Federal

 

 

 

(72,992)

State

 

 

 

(33,706)

 

 

 

(106,698)

Income tax provision (benefit)

$

$

400

$

1,600

$

(105,898)

Schedule of reconciliations of the statutory income tax rate to the effective income tax rate

For the Three Months

For the Six Months

 

Ended May 31,

Ended May 31,

 

  ​ ​ ​

2026

  ​ ​ ​

2025

2026

2025

 

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

 

Federal statutory tax rate

 

21.00

%  

21.0

%  

21.00

%  

21.0

%

Permanent Items

$

%  

$

%  

$

%  

$

%

State statutory tax rate

 

6.98

%  

(7.3)

%  

6.96

%  

8.9

%

Non-deductible expenses

 

%  

(14.0)

%  

%  

(4.6)

%

Return to Provision

%  

%  

%  

%

DTA True Up

0.02

%  

%  

0.01

%  

%

Other

%  

%  

%  

%

Change in valuation allowance

(28.00)

%  

%  

(28.00)

%  

%

Effective tax rate

 

$

%  

$

(0.3)

%  

$

(0.03)

%  

$

25.3

%

Summary of deferred tax liabilities

As of May 31,

As of November 30,

  ​ ​ ​

2026

  ​ ​ ​

2025

(Unaudited)

(Audited)

Deferred tax assets:

 

  ​

 

  ​

Net operating loss carry-forwards

 

2,023,110

 

551,538

Depreciation expense

 

 

Less: Valuation allowance

 

(1,890,820)

 

(410,994)

Total deferred tax assets

 

132,290

 

140,544

Deferred tax liabilities:

 

 

Customer relationship recognized upon JAR Acquisition

 

(128,720)

 

(136,449)

Depreciation expense

 

(3,570)

 

(4,095)

Total deferred tax liabilities

 

(132,290)

 

(140,544)

Total deferred tax assets (liabilities)

$

$