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Income Taxes
 6 Months Ended
Nov. 30, 2024
Income Tax Disclosure [Abstract]  
Income Taxes

Note 14 – Income Taxes

 

We calculated our interim tax provision in accordance with ASC 270, “Interim Reporting,” and ASC 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 $67,250 for the three months ended November 30, 2024 and an income tax expense of $364,393 for the three months ended November 30, 2023. We recorded an income tax expense of $67,250 for the six months ended November 30, 2024 and an income tax expense of $430,382 for the six months ended November 30, 2023.

 

The Company does not have any uncertain tax positions or events leading to uncertainty in a tax position. The Company’s 2020, 2021, 2022 and 2023 Corporate Income Tax Returns are subject to IRS examination.