XML 39 R19.htm IDEA: XBRL DOCUMENT
v3.20.4

Note 13 - Income Taxes | 12 Months Ended
--- | ---
Nov. 30, 2020
Notes to Financial Statements |
Income Tax Disclosure [Text Block] |
( 13 ) | Income Taxes
Total income tax expense (benefit) for the 2020 and 2019 fiscal years consists of the following:
|  | November 30, 2020 |  |  | November 30, 2019 |
Current expense (benefit) |  | $ | 25,168 |  |  | $ | 4,392 |
Deferred expense (benefit) |  |  | (881,638 | ) |  |  | (353,626 | )
Total income tax expense (benefit) |  | $ | (856,470 | ) |  | $ | (349,234 | )
The reconciliation of the statutory Federal income tax rate is as follows:
|  | November 30, 2020 |  |  | November 30, 2019 |
Statutory federal income tax rate |  |  | 21.0 | % |  |  | 21.0 | %
PPP Loan Forgiveness |  |  | 8.8 |  |  |  | - |
Permanent differences and other |  |  | (0.9 | ) |  |  | (1.3 | )
|  |  | 28.9 | % |  |  | 19.7 | %
Tax effects of temporary differences that give rise to significant portions of the deferred tax assets (liabilities) at November 30, 2020 and 2019 are presented as approximate amounts below:
|  | November 30 |
|  | 2020 |  |  | 2019 |
Current deferred tax assets (liabilities): |  |  |  |  |  |  |  |
Accrued expenses |  | $ | 161,000 |  |  | $ | 100,000 |
Inventory capitalization |  |  | 71,000 |  |  |  | 21,000 |
NOL and tax credit carryforward |  |  | 1,695,000 |  |  |  | 1,182,000 |
Asset reserves |  |  | 796,000 |  |  |  | 621,000 |
Total current deferred tax assets |  | $ | 2,723,000 |  |  | $ | 1,924,000 |
Non-current deferred tax assets |  |  |  |  |  |  |  |
Property, plant, and equipment |  | $ | (55,000 | ) |  | $ | (138,000 | )
Total non-current deferred tax assets (liabilities) |  |  | (55,000 | ) |  |  | (138,000 | )
Net deferred taxes |  | $ | 2,668,000 |  |  | $ | 1,786,000 |
In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. The Company's net operating loss amounting to approximately $7,479,000 and tax credit carryforward amounting to approximately $109,000 for its U.S. operations expire on November 30, 2036, 2037, 2038, 2039 and 2040. Management believes that the Company will be able to utilize the U.S. net operating losses and credits before their expiration.

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI http://asc.fasb.org/extlink&oid=116825942&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI http://asc.fasb.org/extlink&oid=116825942&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration