v3.26.3
INCOME TAXES (Tables)
9 Months Ended
Aug. 31, 2026
INCOME TAXES  
Summary of components of the income tax provision

​

​

​

For the Three Months

​

For the Nine Months

​

​

Ended August 31, 

​

Ended August 31, 

​

  ​ ​ ​

2026

  ​ ​ ​

​

2025

  ​ ​ ​

2026

  ​ ​ ​

2025

​

​

(Unaudited)

​

​

(Unaudited)

(Unaudited)

​

(Unaudited)

Current tax provision

 

​

  ​

​

​

​

 

​

  ​

 

​

  ​

Federal

​

$

—

​

$

—

​

$

—

​

$

—

State

​

 

—

​

​

800

​

 

1,600

​

 

1,600

​

​

 

—

​

​

800

​

 

1,600

​

 

1,600

Deferred tax provision (benefit)

​

 

​

​

​

​

​

 

​

​

 

​

Federal

​

 

—

​

​

35,468

​

 

—

​

 

(37,524)

State

​

 

—

​

​

7,078

​

 

—

​

 

(26,628)

​

​

 

—

​

​

42,546

​

 

—

​

 

(64,152)

Income tax provision (benefit)

​

$

—

​

$

43,346

​

$

1,600

​

$

(62,552)

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

​

​

​

For the Three Months

​

For the Nine Months

 

​

​

Ended August 31, 

​

Ended August 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

%  

​

(12.4)

%  

​

6.96

%  

​

3.5

%

Non-deductible expenses

 

​

—

%  

​

(39.0)

%  

​

—

%  

​

(13.4)

%

Return to Provision

​

​

—

%  

​

—

%  

​

—

%  

​

—

%

DTA True Up

​

​

0.08

%  

​

—

%  

​

0.01

%  

​

—

%

Other

​

​

—

%  

​

—

%  

​

—

%  

​

—

%

Change in valuation allowance

​

​

(28.06)

%  

​

—

%  

​

(28.00)

%  

​

—

%

Effective tax rate

 

$

—

%  

$

(30.4)

%  

$

(0.04)

%  

$

11.1

%

Summary of deferred tax liabilities

​

​

​

As of August 31, 

​

As of November 30, 

​

  ​ ​ ​

2026

  ​ ​ ​

2025

​

​

(Unaudited)

​

(Audited)

Deferred tax assets:

 

​

  ​

 

​

  ​

Net operating loss carry-forwards

 

​

1,812,080

 

​

551,538

Depreciation expense

 

​

—

 

​

—

Less: Valuation allowance

 

​

(1,681,220)

 

​

(410,994)

Total deferred tax assets

 

​

130,860

 

​

140,544

​

​

​

​

​

​

​

Deferred tax liabilities:

 

​

​

 

​

​

Customer relationship recognized upon JAR Acquisition

 

​

(124,860)

 

​

(136,449)

Depreciation expense

 

​

(6,000)

 

​

(4,095)

Total deferred tax liabilities

 

​

(130,860)

 

​

(140,544)

Total deferred tax assets (liabilities)

​

$

—

​

$

—