v3.21.4
INCOME TAX PROVISION
 6 Months Ended
Nov. 30, 2021
Income Tax Disclosure [Abstract]  
INCOME TAX PROVISION

 

10. INCOME TAX PROVISION

 

The income tax expense consists of the following:

 

    November 30, 2021     November 30, 2020  
Federal provision (benefit)                
Current   $ 2,388,000     $ 307,199  
Deferred     (259,579 )     -  
State and Local provision (benefit)             -  
Current     453,000       -  
Deferred     (44,421 )     -  

Total provision

   $ 2,537,000     $

307,199

  

 

 

A reconciliation of the provision for income taxes using the statutory federal income tax rate to our effective income tax rate for the period ended November 30, 2021, is as follows:

 

SCHEDULE OF EXPECTED TAX EXPENSE (BENEFIT)

   

For the Six

Months Ended
November 30, 2021

    


For the Six

Months Ended

November 30, 2020

  
Federal statutory rate (%)     21 %     21 %
State income taxes, net of federal benefit     4 %     4 %
Change in valuation allowance     (3 )%     - %
Other, net     6 %    

3

 %
Effective income tax rate (%)     28 %     27 %

 

As of November 30, 2020, the Company recorded a full valuation allowance against the deferred tax assets due to insufficient evidence to support the utilization of these benefits.