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Income Tax
 12 Months Ended
Nov. 30, 2023
Income Tax Disclosure [Abstract]  
Income Tax

Note 15: Income Tax

 

A reconciliation of the provision for income taxes computed at the combined federal and state statutory rate to the provision for income taxes as shown in the statements of operations for the years ended November 30, 2023 and 2022 is as follows:

 

   Year ended November 30, 
   2023   2022 
Federal income tax provision rate   21.00%   21.00%
State income tax provision rate, net of federal tax   7.43%   7.43%
    28.43%   28.43%

 

   2023   2022 
   Year ended November 30, 
   2023   2022 
Net loss for the year before tax  $(9,351,640)  $(1,738,657)
Statutory federal income rate   21.00%   21.00%
Recovery of income taxes at statutory rates  $(1,963,844)  $(365,118)
State tax   (696,186)   (129,182)
Permanent differences   448,615    525,401 
Adjustments to valuation allowance related to prior years   58,886    - 
Change in valuation allowance   2,157,466    (31,101)
Other   -    - 
Tax expense for the year  $4,937   $- 

 

Deductible temporary differences and unused tax losses for which no deferred tax assets have been recognized are attributable to the following:

 

   2023   2022 
   Year ended November 30, 
   2023   2022 
Non-capital loss carry-forward  $2,453,215   $652,677 
Resource properties   446,198    90,923 
Equipment   59,110    58,741 
Others   7,707    6,423 
Deferred income tax assets   2,966,230    808,764 
Valuation allowance   (2,966,230)   (808,764)
Deferred income tax assets  $-   $- 

 

Deferred tax assets have not been recognized in the financial statements, as management does not consider it more likely than not that those assets will be realized in the near future.

 

The Company has non-capital federal losses which may be carried forward to reduce taxable income in future years. As at November 30, 2023, the Company has non-capital losses of $8,628,966 in the United States of which $897,219 will expire between 2034 and 2037 and $7,731,747 may be carried forward indefinitely.

 

Our U.S. federal net operating loss carryforwards expire as follows:

 

      
November 30, 2034  $46,930 

November 30, 2035

   289,455 

November 30, 2036

   283,286 

November 30, 2037

   277,548 
Indefinite   7,731,747 
Total  $8,628,966 

 

 

U.S. GOLDMINING INC.

(formerly BRI Alaska Corp.)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in U.S. Dollars)