Income Taxes |
3 Months Ended |
|---|---|
Aug. 31, 2026 | |
| Income Taxes | |
| Income Taxes | Note 19 – Income Taxes
The Company accounts for income taxes in accordance with ASC 740, Income Taxes. Given the Company’s history of operating losses and negative evidence outweighing positive evidence, the Company maintains a full valuation allowance against its net deferred tax assets in each of its tax jurisdictions. Accordingly, no income tax expense or benefit was recognized for the three months ended August 31, 2026 or 2025 and the effective tax rate for both periods was 0%. The Company evaluates its deferred tax assets and the valuation allowance at each reporting date; there was no change in that assessment during the quarter. No income taxes were paid in any jurisdiction during either period. The Company remains subject to the uncertainties described in Note 19 to the 2026 Form 10-K regarding loss carryforwards by jurisdiction, the filing of United States federal income tax returns and any limitation under Section 382 of the Internal Revenue Code; because the deferred tax assets are fully reserved, the outcome of that work is not expected to affect the net deferred tax position. |