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Note 15 - Income Taxes | 12 Months Ended
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Nov. 30, 2024
Notes to Financial Statements |
Income Tax Disclosure [Text Block] |
(15) | Income Taxes
Total income tax expense for the 2024 and 2023 fiscal years consists of the following:
|  | November 30, 2024 |  |  | November 30, 2023 |
Current expense |  | $ | 11,389 |  |  | $ | 11,284 |
Deferred expense |  |  | 62,916 |  |  |  | 102,182 |
Total income tax expense |  |  | 74,305 |  |  |  | 113,466 |
Income tax expense (benefit) - discontinued operations |  |  | 115,330 |  |  |  | (212,493 | )
Income tax expense (benefit) - continuing operations |  | $ | (41,025 | ) |  | $ | 325,959 |
The reconciliation of the statutory Federal income tax rate is as follows:
|  | November 30, 2024 |  |  | November 30, 2023 |
Statutory federal income tax rate |  |  | 21.0 | % |  |  | 21.0 | %
State taxes (net of federal) |  |  | 4.5 |  |  |  | 4.9 |
Permanent Differences and Other |  |  | 4.8 |  |  |  | 4.0 |
|  |  | 30.3 | % |  |  | 29.9 | %
The primary driver for the increase in effective tax rate was due to add backs for taxable grants. Tax effects of temporary differences that give rise to significant portions of the deferred tax assets (liabilities) on November 30, 2024 and 2023 are presented as approximate amounts below:
|  | November 30 |
|  | 2024 |  |  | 2023 |
Deferred tax assets |  |  |  |  |  |  |  |
Accrued expenses |  | $ | 87,153 |  |  | $ | 106,356 |
Inventory capitalization |  |  | 142,471 |  |  |  | 155,705 |
NOL and tax credit carryforward |  |  | 1,653,212 |  |  |  | 1,773,588 |
Asset reserves |  |  | 591,025 |  |  |  | 539,848 |
Total deferred tax assets |  | $ | 2,473,861 |  |  | $ | 2,575,497 |
Deferred tax liabilities |  |  |  |  |  |  |  |
Property, plant, and equipment |  | $ | (33,564 | ) |  | $ | (72,284 | )
Total deferred tax liabilities |  | $ | (33,564 | ) |  | $ | (72,284 | )
Net deferred tax assets (liabilities) |  | $ | 2,440,297 |  |  | $ | 2,503,213 |
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 2023 tax return included net operating losses (NOL) carryovers amounting to approximately $2,473,000 and tax credit carryforward amounting to approximately $109,000 for its U.S. operations that will expire on November 30, 2036, 2037, 2038, 2039 and 2040. The Company also carried over another $4,995,000 of net operating losses that can be carried forward indefinitely. Management expects to consume approximately $116,000 of NOLs for the 2024 tax year and believes that the Company will be able to utilize the remaining U.S. net operating losses and credits before their expiration.

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