Note 6 - Income Taxes

3 Months Ended

Feb. 28, 2018

Notes to Financial Statements

Income Tax Disclosure [Text Block]

6.

Income Taxes

On

December 22, 2017

the Tax Cuts and Jobs Act (the “Act”) was signed into law. Among other provisions, the Act reduces the Federal statutory corporate income tax rate from

35%

to

21%.

During the

first

quarter ended

February 28, 2018,

the Company recalculated their deferred tax asset using the new rates.  This calculation resulted in a decrease in the impact on each of the temporary differences as well as the utilization of net operating losses.  The valuation reserve was decreased by

$193,000

which resulted in

no

change to the net deferred tax asset as of

February 28, 2018.