v3.26.3
Income Tax Disclosure: Schedule of Components of Income Tax Expense (Benefit) (Tables)
12 Months Ended
May 31, 2026
Tables/Schedules  
Schedule of Components of Income Tax Expense (Benefit)

 

Income tax expense at statutory rate

$

32,526

 

 

26.50%

Unpaid interest

 

17,134

 

 

13.96%

Unpaid rent to related parties

 

28,355

 

 

23.1%

Amortization of debt premium

 

(120,632)

 

 

(98.28)%

Change in valuation allowance

 

42,617

 

 

34.72%

Total

$

-

 

 

0%

 

The comparative May 31, 2025 NOL carryforward and related deferred tax asset have been revised to agree with the filed May 31, 2025 federal income tax return. The 2025 effective tax rate reconciliation below has not been revised because the correction to the ending NOL carryforward does not, by itself, change the 2025 book income, the 2025 book-to-tax adjustments, or the income tax provision previously reported for that year.

 

The income tax provision differs from the amount determined by applying the combined federal and state statutory income tax rate of 26.5% to loss before income taxes for the year ended May 31, 2025, as follows:

 

Income tax expense at statutory rate

$

(120,878)

 

 

26.50%

Unpaid interest to related party

 

16,750

 

 

(3.67)%

Unpaid rent to related parties

 

17,013

 

 

(3.73)%

Loss on settlement of debt

 

146,194

 

 

(32.05)%

Amortization of debt premium

 

(118,390)

 

 

25.95%

Change in valuation allowance

 

59,311

 

 

(13.00)%

 

$

-

 

 

0%