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

Note 16 – Income Taxes

 

We calculated our interim tax provision in accordance with ASC Topic 270, “Interim Reporting,” and ASC Topic 740, “Accounting for Income Taxes.” As the end of each interim quarterly period, we estimate our annual effective tax rate and apply that rate to our ordinary quarterly earnings to calculate the tax related to ordinary income. The tax effects of other items that are excluded from ordinary income are discretely calculated and recognized in the period in which they occur.

 

We recorded an income tax expense of $430,382 and $335,797 for the six months ended November 30, 2023 and 2022, respectively.

 

The Company does not have any uncertain tax positions or events leading to uncertainty in a tax position. The Company’s 2020, 2021 and 2022 Corporate Income Tax Returns are subject to Internal Revenue Service examination.